ACFCS CFCS

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ACFCS Financial Crime Specialist Sample Questions:

1. 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?

A) An account received a fairly large cash deposit shortly before the cyber incident started
B) An account displays several withdrawals from ATMs within the past three days
C) A customer's account has not displayed any transaction activity in more than a month
D) An account has recently initiated a series of funds transfers to previously unknown recipients

2. 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) Spear phishing
B) Key logging
C) Login capture
D) Man-in-the-middle

3. You work in financial crime compliance for a money services business (MSB) with an international network of agents whose core business is handling remittance transactions. As part of your periodic update to your risk assessment you are reviewing payment corridors and customer types.
Which payment corridor is MOST likely to present the highest risk?

A) Payments by seasonal agricultural workers from Canada to the Caribbean
B) Payments by temporary visa holders in the tech industry from countries in the European Union to India
C) Payments by small business owners from the US to Yemen
D) Payments by domestic workers from theUnitedArab Emirates to the Philippines

4. Mr. Smith registered a business and opened a bank account under the name of ABC Consulting Services. Mr.
Smith and his wife were signatories on the account and the contact address for the account was that of his home in Palm Beach ABC Consulting Services had no website and Mr. Smith did not provide any actual consulting services.
Which term describes ABC Consulting Services?

A) A front company
B) A shelf company
C) A shell company
D) A nominee

5. Bank A is a mid-size financial institution in Polandthatprimarily holds accounts (or individual and small-business customers While the bank has no U S branches or affiliates the bank's compliance officers realize they must still implement a FATCA compliance program.
Which step should Bank A take FIRST to commence its FATCA compliance program?

A) Implement a 30% withholding on all interest and dividend payments coming from the U.S. to comply with the law's withholding requirements
B) Because of the FATCA requirement to sell certify notify all international account holders of the need to document their status as a U.S. citizen
C) Gather and sod all relevant data the bank currently has on its customers to determine what information needs to be collected from account holders
D) Begin closing accounts and exiting relationships with account holders believed to be U S persons

Solutions: