Pass the ACFCS Certified Financial Crime Specialist CFCS Questions and answers with ExamsMirror

You work in cybersecurity lor a chain of retail stores. An employee in your security team has recently notified you of a potentially serious issue with the point of sale (POS) systems which run on the company s network Upon reviewing data being transmitted Irom the POS systems the employee has detected indicators that malware designed to scrape credit and debit card information is being run on the systems.

You immediately mobilize your cyber incident response team and begin investigating You discover thai the malware infection is widespread and that numerous stores are affected.

In the course of the investigation you discover the following information Which is the MOST likely vulnerability that led to this cybersecurity incident?

Your bank has recently received an online application for a new business account from a company named ACE Operations, LLC By reviewing the operating agreement and other documents included in the application, you determine that ACE is incorporated in the U S state of Wyoming.

A review of the Wyoming corporate registry online shows that ACE was formed 15 years ago. An initial Internet search produces no company website or further information about the company. The registered agent's contact information and address on the company's most recent annual filing is for Capital Solutions a corporate services provider.

Concerned that ACE Operations appears to be a shelf corporation you are conducting further due diligence on the company's ownership structure Which is the MOST appropriate next step to take?

Mr. Johnson, the compliance officer of XYZ Bank, is conducting an organizational overview of financial crime controls. During his review, he notices discrepancies in the transaction monitoring process. What is the most appropriate action for Mr. Johnson to take next?

Recently your database of customer records was compromised and hundreds of thousands of customer's personal data was stolen Based on the feedback from your customers you have surmised that the following occurred.

• Using the stolen customer information a personalized email was sent to all of the customers Irom the criminals with a significant amount of personal information in them to appear legitimate directing them to a fake website mimicking yours

• That fake website captured logins and passwords from customers for later use

• The criminals then used the logins and passwords to wire funds from those accounts to offshore accounts that they controlled

Which type of attack is this?

A client is introduced to a bank by an intermediary The intermediary is a reputable financial institution that is regulated in a foreign FATF compliant jurisdiction Regulation applicable to the bank requires the bank conduct due diligence with respect to the intermediary's clients

Which statement is true in this situation according to the 2012 Wolfsberg Principles on Intermediaries?

John purchased a property live years ago Real estate records show that two years ago, John transferred his interest to a third parley Susan. Susan obtained a mortgage on the properly with a mortgage company Company Z.

John maintains the properly and pays the mortgage and taxes John only lives there on the weekends John also rents a room to someone who lives at the property full time.

You are the investigator tasked with identifying the property's beneficial owner Who is the beneficial owner?

Which scenario is an example of the placement stage of money laundering?

Bank A receives a wire transfer Irom Bank B located in another country. When run through Bank A's sanctions screening process, some of the identifying information of the entity initialing the transfer appears as a partial match with an entity on a sanctions list Bank A routinely processes wire transfers from Bank B and almost never runs into matches with sanctions lists.

Which further review should Bank A conduct on the wire transfer?

Mr. X is a business consultant who specializes in helping European companies expand their operations into Latin America. You are part of a law enforcement unit investigating Mr. X who is under suspicion of assisting his clients to conceal bribe payments made to government officials in Latin American countries.

Mr. X is knowntocontrol a numberofdifferent companies andtheirrelated subsidiaries within severalLamAmerican countries. You are tracing (fundsthat originated from an account held by one of Mr.X's companies in the UK in an effort to establish that he is involved in the corruption and money laundering scheme.

Which would provide the BEST indicatorThatMr.X is helping to launder funds connected to bribery?

You are a fraud investigator lor a U S securities firm. You are currently investigating potential market manipulation involving stock in a company that was created in the Channel Islands.

One of your brokers has 500,000 shares of this stock in several of his customer's accounts This stock had no trading activity for the past several years In Ihe past 30days he has been selling stock in 5,000-share increments every day from his customer accounts.

Upon review of your firm's books you notice that none of your other customers have bought this stock. Your firm has filed a Suspicious Activity Report (SAR) on this activity. Since this activity is putting your firm at risk you decide to contact your regulator and law enforcement to further the investigation Which items do these agencies have access to that you would not? Choose 2 answers