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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

A prosecutor in Country X needs to obtain the legally admissible testimony of Person A who resides in the United States, related to an ongoing criminal investigation Person A is incapable ol traveling and will only provide testimony if compelled by a court order in the U.S. There is no bilateral or multilateral treaty or convention that facilitates mutual legal assistance between these two countries.
Which should the prosecutor submit to obtain the testimony of Person A?

A. A request for a litigation hold
B. A request for a production order
C. A Mutual Legal Assistance Treaty request
D. A Letters Rogatory request

Question 2

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?

A. The store owner is conducting a terrorist financing operation
B. The store owner is running an affinity fraud scheme
C. The store owner is operating as an unlicensed money remitter
D. The store owner is involved in a tax fraud scheme

Question 3

A pharmaceutical company is developing a new Alzheimer's drug All of the employees are subject to confidentiality agreements because the drug has not been publicly announced One of the employees talks to his doctor about this new drug.
Which are the possible crimes resulting from this breach of confidentiality? Choose 2 answers

A. The doctor asks to be included on the clinical trials of the drug thereby benefitting his own practice
B. The doctor broadcasts the news about this new drug to his Alzheimer's patients. giving them false hope
C. The doctor decides to buy stock in the pharmaceutical company
D. The doctor collaborates with friends and family to invest in the company

Question 4

You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement.
In developing your FATCA compliance program which should be incorporated into your program?

A. Customer due diligence for FATCA should leverage your existing AML program
B. Customer due diligence for FATCA should be based on existing IRS requirements (or Qualified Intermediaries
C. Once evidence indicates a relationship with a U S resident, an exemption to file form must be obtained
D. IRS reporting must include all account balances and securities held in the name of a US resident

Question 5

Company A a multinational manufacturing corporation, recently acquired a local company in Country Z that has a high level of state involvement in ihe economy and history of corruption Before purchasing the company. Company A hired a major international law firm to conduct a due diligence review and uncover any potential violations of global anti-corruption laws When the review came back free of issues Company A completed its acquisition.
Two years later executives from Company A were conducting their first anti-corruption compliance training with employees from the Country Z office During the training session Company A executives were alerted by Country Z-based employees that the distributors the company uses may be bribing government officials Company A had not conducted a review of distributors in Country Z, and when it began to look into the allegations it found widespread potential Foreign Corrupt Practices Act (FCPA) violations.
Which are two weaknesses in Company A's anti-corruption compliance program? Choose 2 answers

A. The due diligence review should have been exclusively conducted by local counsel from within Country Z becausetheywould be better versed in the country's culture and laws
B. Company A failed to reach out directly togovernmentagencies within Country Z to request information on any history of corrupt payments at the company it was acquiring
C. Company A did not include its distributors within Country Z when conducting its anti-corruption due diligence and training
D. Company A should have conducted anti-corruption compliance training as soon as possible after acquiring the company in Country Z

Solutions: