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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Fraud Prevention and Detection | - Fraud Risk Assessment and Controls - Internal and External Fraud Schemes |
| Topic 2: Investigations and Intelligence | - Data Analysis and Intelligence Gathering - Financial Investigations Techniques |
| Topic 3: Anti-Money Laundering (AML) and Compliance | - Suspicious Activity Monitoring and Reporting - AML Program Design and Controls - Customer Due Diligence (CDD) and KYC |
| Topic 4: Sanctions and Regulatory Compliance | - OFAC and International Sanctions Regimes - Regulatory Enforcement and Compliance Obligations |
| Topic 5: Cybercrime and Emerging Financial Threats | - Cyber-enabled Financial Crime - Digital Assets and Cryptocurrency Risks |
| Topic 6: Financial Crime Fundamentals | - Financial Crime Risk Management Principles - Money Laundering and Terrorist Financing Typologies |
ACFCS Financial Crime Specialist Sample Questions:
An examiner with a federal regulatory agency has been looking into complaints against a securities broker dealer who is suspected of selling fraudulent high-yield bonds to clients The broker-dealer had been offering these bonds for the last eighteen months.
A few weeks ago when several clients asked to withdraw the funds they had invested in the bonds, they received vague and seemingly evasive responses from the broker. Since then, the broker has been unresponsive and has not returned to her office.
The investigator has obtained the broker-dealer s bank account records for the past two years by court order and is currently analyzing canceled checks written on the account.
What information would the investigator be most likely to learn from reviewing these checks?
- A. Payments from the broker's account that were reversed or stopped
- B. An approximate amount of funds the broker-dealer obtained via fraud
- C. The names of persons who invested in the suspected fraud scheme
- D. Persons who may have received payments (from the broker during the fraud scheme
Correct Answer: D 🗳️
Which actions have led to penalties or violations of sanctions regimes overseen by the Office of Foreign Assets Control (OFAC)? Choose 2 answers
- A. Stripping wire transfer information to conceal customer information
- B. Failing to search customers against the sanctions list
- C. Conducting transactions with high-risk individuals
- D. Conducting transactions with entities that have been removed from the sanctions list
Correct Answer: A,B 🗳️
Through an annual review for an insured persons government-provided health insurance claims you determine that the applicant's eligibility has been consistently and significantly overstated. Further the medical justification reveals possible duplicate procedures within a short period of time All details and documents provided by the applicant are verified to be accurate and valid.
This type of fraud is usually initiated from which involved party?
- A. Beneficiary or claimant
- B. Service or health care provider
- C. Health insurance company
- D. No involved party, these are merely accidental errors in billing at the system level
Correct Answer: B 🗳️
You are investigating an attorney who is suspected of assistingMr.Jones in hiding his illegal drug proceeds Your investigation has disclosed a bank account controlled by the attorney that is in the nameofa shell company There is a seriesofbank transfers from this account to an account in Switzerland.
Which information would be MOST useful in demonstrating the lawyer's complicity in the money laundering activity?
- A. Records reflecting the signature of the lawyer on the initial filing of Ihe shell company
- B. E-mails indicating the attorney had knowledge that the funds transferred to Switzerland stemmed from drug sales
- C. Financial records indicating Mr. Jones was using the bank transfers to place and layer illicit proceeds of drug sales
- D. Documents in which the attorney discusses buying illegal drugs directly from Mr Jones
Correct Answer: D 🗳️
A fraud analyst is concerned that the company's reloadable prepaid card program could be abused by terrorist financiers and wants to ensure the data supplied to the detection system is sufficient for assisting with investigations.
Which data element would be Ihe MOST difficult for the analyst to obtain?
- A. The name of the cardholder
- B. The network of the loading system
- C. Transaction details including ATM location or merchant
- D. The name of the person who loaded the card with funds
Correct Answer: D 🗳️
