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

2. Mr. Smith, the compliance manager of ABC Bank, is tasked with conducting a risk assessment of the institution's correspondent banking relationships. Which of the following factors should Mr. Smith consider when assessing the risks associated with correspondent banking?

A) The size of transactions conducted by correspondent banks.
B) The total assets of ABC Bank.
C) The number of transactions processed through correspondent accounts.
D) The geographical location of correspondent banks' headquarters.

3. During a risk assessment of its trade finance operations, XYZ Bank identifies a high volume of transactions involving shell companies with obscure ownership structures. What is the most appropriate action for XYZ Bank to take in response to this finding?

A) Conduct enhanced due diligence on transactions involving shell companies.
B) Seek approval from senior management to continue trade finance operations.
C) Ignore the issue as long as the transactions are compliant with regulatory requirements.
D) Immediately terminate all trade finance operations involving shell companies.

4. During a review of its compliance program, XYZ Bank discovers that it has processed transactions involving individuals and entities on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list. What is the most appropriate action for XYZ Bank to take?

A) Suspend all transactions until the individuals and entities are removed from the SDN list.
B) Implement enhanced due diligence procedures for transactions involving high-risk countries.
C) Conduct a retrospective review of transactions to assess the extent of potential violations.
D) Immediately report the findings to OFAC and await further instructions.

5. Which actions have led to penalties or violations of sanctions regimes overseen by the Office of Foreign Assets Control (OFAC)? Choose 2 answers

A) Conducting transactions with entities that have been removed from the sanctions list
B) Stripping wire transfer information to conceal customer information
C) Conducting transactions with high-risk individuals
D) Failing to search customers against the sanctions list

Solutions: