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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Fraud Schemes & Prevention | - Internal and external fraud - Financial statement fraud - Detection techniques and controls |
| Terrorist Financing & Proliferation Financing | - Financing mechanisms - International counter-measures - Detection and prevention |
| Ethics & Professional Standards | - Confidentiality and conflict of interest - Professional conduct and integrity |
| Anti-Money Laundering (AML) | - Global AML standards (FATF 40 Recommendations) - Money laundering stages and methods - Customer due diligence & KYC - Trade-based money laundering |
| Asset Recovery & Investigations | - Cross-border cooperation - Evidence collection and reporting - Asset tracing and recovery - Investigation methodologies |
| Tax Evasion & Related Offenses | - Offshore structures and disclosure rules - Tax evasion schemes |
| Bribery & Corruption | - Third-party risk management - FCPA, UK Bribery Act and global laws - Anti-corruption compliance programs |
| Sanctions Compliance | - License and exception procedures - Screening and due diligence - OFAC, UN, EU and national sanctions regimes |
| Compliance Programs & Regulatory Frameworks | - Risk assessment and management - Compliance program design & governance - US, EU, UK and international regulations |
| Cybercrime & Emerging Threats | - Cryptocurrency and digital asset risks - Cyber-enabled financial crime - Ransomware and account takeovers |
ACFCS Financial Crime Specialist Sample Questions:
A law enforcement agent is investigating a properly within her jurisdiction that she believes may have been purchased with the proceeds of an online Fraud scheme. The property in question is a luxury condominium in a high-end residentialcommunity in a large urban area. It does not appear to be currently occupied and the agent suspects the properly might be used to integrate the fraudster s illicit profits.
After reviewing the case notes collected to date in the investigation the agent determines that the properly was purchased in the name of a shell company formed in another jurisdiction known for a high degree of corporate secrecy The agent is seeking to identity the beneficial owner of the properly to tie its purchase back to the proceeds of the fraud scheme.
Which is Ihe BEST next step in her investigation to find sources ol information that could identify the property's beneficial owner?
- A. Subpoena all financial institutions in the property s surrounding area to determine it any helped facilitate the sale of the property
- B. Submit a mutual legal assistance treaty (MLAT) request to the authorities ol the jurisdiction where the shell company is located to ask for their help in the case
- C. Conduct physical surveillance on the property and surrounding area to determine who is living in the location
- D. Subpoena the title insurance agency that assisted with reviewing and underwriting the transfer ol the property's title
Correct Answer: C 🗳️
An Eastern Europeancybercrimeorganization utilizes customer credit card information to steal funds which are deposited in a North American account To transfer the funds out of North America the cyber thieves transfer the funds into numerous prepaid debit cards from a bank.
The funding of the prepaid debit cards is indicative of which stage of money laundering?
- A. The layering stage
- B. The placement stage
- C. The referral stage
- D. The integration stage
Correct Answer: A 🗳️
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?
- A. Black Market Peso Exchange
- B. Multi-tiered transaction
- C. Hawala
- D. Private transfer
Correct Answer: C 🗳️
ABC LLC is a company that is incorporated in an offshore jurisdiction Bank A opens an account for ABC LLC after completing a standard Customer Due Diligence questionnaire ABC LLC is a holding company for another firm that does business with arms companies in North Korea that are rumored to supply a number of militant groups.
Which two statements may be true about Bank A? Choose 2 answers ^
- A. It may be absolved of liability by way of conducting initial due diligence
- B. It may be liable (or opening an account for an offshore holding company
- C. It may be aiding in money laundering and terrorist financing
- D. It may be subject to sanctions for ultimately dealing with North Korea
Correct Answer: C,D 🗳️
Phillips Importers LLC. is a shell company owned by Jon Phillips Mr. Phillips is very active in his local church He has convinced a large number of individuals from his church to invest in the Phillips Fund, which guarantees 10% returns.He lakes the money he collects and puts itina bank account for Phillips Importers LLC. He uses that money to market the Phillips Fund to new investors, print statements, pay dividends to his investors and pay some of his personal expenses.
Which types of fraud isMr.Phillips committing? Choose 2 answers
- A. Affinity fraud
- B. Pyramid scheme
- C. Market manipulation
- D. Ponzi scheme
Correct Answer: A,D 🗳️
