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CFCS Dumps - Financial Crime Specialist Practice Exam Questions

ACFCS CFCS - Financial Crime Specialist Braindumps

ACFCS CFCS - Certified Financial Crime Specialist Practice Exam

  • Certification Provider:ACFCS
  • Exam Code:CFCS
  • Exam Name:Financial Crime Specialist Exam
  • Total Questions:175 Questions and Answers
  • Updated on:Jul 6, 2024
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CFCS Question and Answers

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CFCS Sample Practice Questions

Q1. Mr. X is a business consultant who specializes in helping European companies expand their operations into Latin America. You are part of a law enforcement unit investigating Mr. X who is under suspicion of assisting his clients to conceal bribe payments made to government officials in Latin American countries.
Mr. X is known to control a number of different companies and their related subsidiaries within several Lam American countries. You are tracing (funds that originated from an account held by one of Mr. X's companies in the UK in an effort to establish that he is involved in the corruption and money laundering scheme.
Which would provide the BEST indicator That Mr. X is helping to launder funds connected to bribery?

A. Funds whose source can be traced to a corporate account in a country located in the European Union
B. Funds transferred to business associates of Mr. X located in the European Union
C. Funds that are being used in the operation of a business in a high-risk jurisdiction
D. Funds transferred into the account from a nondescript business with little information available about it

Answer: D

Q2. Your construction company wishes to hire Mr. X to provide consultancy services within his country. He has his own consulting firm and is also a board member of a state-owned bank Mr. X is known for having high-level business connections and for charging exorbitant rales for his services Mr. X does not like to complete paperwork and prefers to work based on a verbal agreement.
Which three facts are red flags requiring enhanced due diligence? Choose 3 answers

A. Mr. X may be considered to be a politically exposed person (PEP)
B. The price Mr. X charges is suspect if fees are not itemized and documented
C. As a board member of a stale-owned bank Mr. X may be considered a public official under the U.S. Foreign Corrupt Practices Act
D. The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business

Answer: A, B, C

Q3. Which transaction MOST likely suggests the integration stage of money laundering?

A. Multiple electronic funds transfers between shell companies
B. Deposits of large amounts of cash
C. multi-country import/export invoices
D. Large cash purchase of prepaid cards

Answer: C

Q4. An offshore energy company is attempling to make payment to Iran for a bulk oil purchase The payment is routed through the offshore bank's New Y affiliate bank where the funds are converted to USD to be forwarded to Iranian Oil LTD, Tehran, Iran.
Which forward payment scheme is MOST likely to be used by banks to defeat the U.S. Office of Foreign Assets Control (OFAC) Sanctions?

A. Redirection - sending funds to an Iranian oil shell company in a non-sanctioned country and then wiring them to Iranian Oil LTD Tehran
B. Intermediated Delivery Service (IDS) - forwarding funds to a non-sanctioned affiliate bank not in the US lo be forwarded to a correspondent bank account inside Iran
C. Stripping - removing the name and destination from the SWIFT messaging to mask the client's identity and location
D. Alternate Delivery Service (ADS) - referring to an automated clearing house service to forward payment to a service provider in a non-sanctioned country for final payment to Iranian Oil LTD

Answer: A

Q5. A large banking institution retains a collections law firm to determine if a $25 million default on a commercial loan is fraud. The attorneys need to determine if the defaulting parly is worth pursuing in civil litigation by first determining if the defaulting entity and/or individual committed fraud by intentionally defaulting.
Which is an indicator or a red flag that the defaulting party could be committing fraud?

A. The loan IS collateralized by accounts receivable
B. The payments toward the loan have been delinquent many times over several years of maintaining Ihe loan
C. A history of bankruptcies is found relating to the defaulting entity or individual
D. The individual or entity involved in the default loan maintains numerous holding companies

Answer: C

CFCS Financial Crime Specialist Exam Overview

Certified Financial Crime Specialist (CFCS) exam, offered by the Association of Certified Financial Crime Specialists (ACFCS), is for professionals dedicated to combating financial crime. Passing this comprehensive exam demonstrates your expertise in anti-money laundering (AML), fraud prevention, sanctions compliance, and other critical areas of financial crime risk management.

Purpose and Benefits:

  • It empowers individuals to make a lasting impact on their careers and contribute to a safer world.
  • Benefits for organizations include cross-training compliance teams, enhancing information sharing, and meeting regulatory expectations.
  • CFCS opens doors to career advancement, broader opportunities, and a global network of like-minded professionals.

It comprises 145 scenario-based multiple-choice questions, challenging you to apply your understanding to real-world situations. The exam covers areas such as:

  • AML regulations and compliance
  • Fraud detection and prevention
  • Sanctions screening and risk assessment
  • Cybercrime and emerging threats

With the complete collection of CFCS practice test, Exams4sure has assembled to take you through Certified Financial Crime Specialist test questions for your ACFCS exam preparation. In this CFCS exam dumps study guide we have compiled real Financial Crime Specialist exam questions with their answers so that you can prepare and pass Certified Financial Crime Specialist exam in your first attempt.

Why Prepare from Certified Financial Crime Specialist CFCS Exam Dumps?

Familiarity with Exam Format:
One of the main reasons candidates might look towards CFCS dumps is to familiarize themselves with the ACFCS exam format. Certified Financial Crime Specialist practice exam can give a glimpse into the types of questions asked and how they are structured.

Identifying Key Topics:
Financial Crime Specialist exam questions can highlight recurring themes and topics that are frequently tested, helping ACFCS candidates to focus their studies on areas of high importance.

Time Constraints:
Candidates under tight schedules may feel pressured to use Financial Crime Specialist exam dumps as a way to quickly cover a lot of material. This is often seen in situations where Certified Financial Crime Specialist certification is needed for job retention or promotion.

Confidence Boosting:
Seeing and answering CFCS exam-like questions can boost a candidate's confidence, making them feel more prepared for the actual ACFCS exam.

CFCS FAQs

To be eligible for the CFCS exam, candidates must meet the following requirements:

  • Bachelor's degree or equivalent
  • Two years of relevant professional experience
  • ACFCS online training program or equivalent

A financial crime specialist is a professional who specializes in detecting, preventing, and investigating financial crimes such as money laundering, fraud, terrorist financing, and corruption.

CFCS exam covers a wide range of topics, including:

  • Anti-money laundering (AML)
  • Fraud
  • Sanctions
  • Cybercrime
  • Risk management
  • Compliance
  • Investigations

Key knowledge areas required for success include:

  • Understanding of relevant laws and regulations.
  • Knowledge of financial crime typologies and red flags.
  • Ability to identify, assess, and mitigate financial crime risks.
  • Proficiency in conducting investigations and analyzing data.

CFCS exam format includes 145 multiple-choice questions (mix of scenario-based and knowledge-based questions).

Association of Certified Financial Crime Specialists (ACFCS) provides a range of benefits to its members, including:

  • Connecting with other financial crime professionals from around the world.
  • ACFCS provides access to a wide range of educational resources, training programs, and webinars to keep members updated on the latest trends and techniques in financial crime prevention.
  • CFCS certification can boost career prospects and earning potential.
  • CFCS certification can lead to career advancement and higher earning potential, as it demonstrates expertise and commitment to combating financial crimes.
  • ACFCS advocates for policies and practices that strengthen financial crime prevention and detection.

ACFCS online training program: This comprehensive program provides interactive learning modules, quizzes, and CFCS practice exams.

ACFCS study guide: This guide provides a detailed overview of the exam content and includes financial crime specialist practice questions and answers.

Other relevant books and articles: There are many books and articles available on financial crime topics that can be helpful for exam preparation.

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