ACFCS Financial Crime Specialist - CFCS FREE EXAM DUMPS QUESTIONS & ANSWERS

Your client has been targeted by a payments scam that has resulted in him remitting significant sums of money to the entity perpetrating the fraud Your client has traced the payments which revealed that the ultimate beneficiary of the fraud is Company A that appears to be operating from the British Virgin Islands (BVI) Before taking any further action your client would like to confirm if Company A Ltd is incorporated in the BVI.
How can they do this?

Jose who resides in Country Y wants to send funds to Alicia in Country Z. Jose delivers funds to a merchant in Country Y who, in return gives him a code forauthentication purposes The merchant then instructs a colleague in Country Z to deliver an equivalent amount in the local currency to Alicia upon presentation of the designated code After the remittance the first merchant has a liability to the second Their positions can also be transferred to other intermediaries who can assume and consolidate the initial positions and settle at wholesale or multilateral levels.
Which type of transaction is this?

During a sanctions compliance audit, it is discovered that ABC Company, a corporate client of a financial institution, has subsidiaries operating in countries subject to comprehensive sanctions. What is the financial institution's obligation regarding its business relationship with ABC Company?

You are an investigator in the compliance department of a bank in a border region. The country on the other side of the border has an active narcotics trade run by organized crime gangs operating on both sides of the border Recently, youhave become concerned your bank is being used by a narcotics gang to smuggle bulk cash out of your country.
Which evidence is Ihe strongest indicator that bulk cash smuggling is taking place?

Mr. Smith, a compliance officer at a financial institution, is tasked with evaluating the effectiveness of the institution's sanctions compliance program. Which of the following indicators would be most relevant for Mr. Smith to assess the program's effectiveness?

A law firm realizes that its confidential information has been leaked to outsiders, causing the firm to lose court cases and clients The information is believed to have been taken from a password-protected shared file located on the company's servers, which can only be accessed via internal network connections Investigations thus far indicate that an employee was involved in the data breach.
Which are Ihe MOST effective steps the firm could lake lo prevent further loss of data? Choose 2 answers

You are a law enforcement agent investigating an associate of Country X's former prime minister who is suspected of helping high-level government officials facilitate a scheme to misappropriate hundreds of millions of dollars in public funds. During your investigations, you uncovered a network of legal entities that you believe have been used to transfer and conceal the proceeds of this corruption scheme.
Through public record searches requests to law enforcement in other jurisdictions and subpoenas to financial institutions you have outlined the following arrangement.
* The associate contacted a relationship manager at a small private bank based in Country X to open a private bank account
* The associate's attorney created an offshore investment company Tropico, Ltd that holds the private banking account
* The associates attorney then appointed three shelf companies formed in Panama as Tropico's directors
* A fourth shelf company formed in the Cayman Islands was named as the primary shareholder You are now trying to determine the true owners behind the funds and assets concealed through this corporate structure Wh.ch is the MOST effect.ve next steptoidentify these individuals?

A law enforcement agent is investigating the owner of a small grocery store thought to be involved in a financial crime scheme II is believed that the store owner is moving illicit proceeds, but it is not clear how it might be happening.
The agent is conducting surveillance on the grocery store and makes the following observations.
* Individuals occasionally enter the store and ask to speak with the owner, who meets with them and takes notes in a notebook he keeps on his person
* Individuals sometimes arrive at the store with small packages or bags and leave without groceries
* The owner periodically visits another store in the neighborhood that acts as an agent for a large international money services business The agent has subpoenaed the bank account and transaction records for the grocery store Transaction patterns do not seem out of the ordinary given the type of business and the area and no suspicious transaction reports have been filed on the account. The store is a sole proprietorship and the owner is not listed as owning or controlling any other business entities.
Based on this information what is the MOST LIKELY conclusion of Ihe law enforcement agent?

Your bank has recently been targeted by cyber attackers who have compromised the institutions network and stolen some customers online account credentials to conduct account takeovers.
Your team is responsible for reporting the incident to law enforcement and regulatory authorities which includes filing Suspicious Activity or Transaction Reports (SAR/STR) You are reviewing accounts that are thought to have been affected to determine if reporting is needed.
Which of the findings below would MOST likely trigger a SAR/STR report?

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?

Which of the following factors should be considered when assessing the effectiveness of an organization's financial crime controls during an organizational overview?

You work in the general counsel's office al a mid-size online retail firm. Your firm specializes in women's clothing which it sources from an international supply chain.
A nonprofit group has recently released a report on the trafficking of persons for forced labor in the textiles industry. One of the countries that the report singles out for particularly widespread abuses is home to several of yourfirms'suppliers.
The generalcounsel'soffice is asked to develop a program for due diligence on suppliers tied to their human trafficking risks Which steps would be MOST appropriate to include? Choose 2 answers

You are a money laundering investigator at a financial institution. You discover that the target of one of your cases was your direct supervisor during previous employment.
How should you proceed?