ACFCS Financial Crime Specialist : CFCS

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. 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?

A) Request that the registered agent submit a self-certification of any parties with a 51% or greater ownership stake in ACE Operations
B) Request a company organizational chart that includes members, directors, and other stakeholders
C) Request a certificate of good standing from the Wyoming corporate registry for ACE Operations
D) Research annual filings in the corporate registry to determine if ACE Operations had any previous owners

2. Ms. Lee, a compliance analyst at a multinational bank, discovers that a new client has close business ties with entities in a country subject to comprehensive OFAC sanctions. What is the most appropriate action for Ms.
Lee to take regarding the onboarding of the new client?

A) Proceed with onboarding the new client but restrict transactions involving entities in the sanctioned country.
B) Conduct enhanced due diligence on the new client and obtain approval from senior management before proceeding with onboarding.
C) Seek guidance from OFAC on the permissibility of onboarding the new client given the circumstances.
D) Reject the onboarding of the new client due to the client's business ties with entities in a sanctioned country.

3. During a routine organizational overview of financial crime controls, Mr. Garcia, the compliance officer, notices a significant increase in the number of false positives generated by the transaction monitoring system.
What is the most appropriate action for Mr. Garcia to take?

A) Review and adjust the parameters of the transaction monitoring system.
B) Immediately suspend all transactions until the issue is resolved.
C) Request additional resources for the compliance department.
D) Ignore the increase in false positives as they are common in such systems.

4. Ms. Rodriguez, the compliance officer at XYZ Bank, is reviewing the bank's sanctions screening process.
She notices that the screening system has a high rate of false positives, leading to delays in processing transactions. What is the most effective approach for Ms. Rodriguez to improve the efficiency of the sanctions screening process?

A) Enhance the screening system with advanced technologies such as machine learning and artificial intelligence.
B) Increase the threshold for triggering sanctions alerts to reduce the number of false positives.
C) Disable the sanctions screening system to eliminate false positives altogether.
D) Implement manual review procedures for all transactions flagged as potential matches.

5. You are a federal investigator and have identified assets in an offshore jurisdiction that you have strong evidence are the proceeds of illicit activities that look place in your jurisdiction.
While you have convincing evidence that would tie the assets to the financial crime you are investigating you have been unable to obtain documents that show true beneficial ownership because of secrecy laws.
Which action is MOST likely to gain control of the properly or identify the true beneficial owner?

A) File a quitclaim deed on the properly
B) File a tax lien against the property
C) File a lawsuit against the caretaker to obtain the assets
D) File an rem proceeding against the assets

Solutions: