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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. An international construction company was bidding on a large contract to redevelop and modernize a hydroelectric power system in a central Asian country. Theprojectwas being administered by an agency in the country's federal government but federal officials directed the company to contact a number of local officials for additional details on the project and its scope The company later wins its bid for the redevelopment contract and completes the protect.
A year later an internal auditor is conducting a routine review of past projects and notices certain irregularities in the bidding process for Ihe power system redevelopment. All of the company's major competitors had been rejected in the first round of bidding despite offering competitive pricing of the other firms considered in later rounds of bidding most were small companies and several were incorporated recently in the country where the project was taking place All of them put in bids that were higher or much lower than the company's winning bid.
The auditor is concerned that these unusual findings may indicate the company won its bid through a corruption scheme involving government officials. Which further finding BEST supports this possibility?

A) The company s total costs for the project came in at 3% higher than the estimated costssubmittedduringthe bidding process
B) At least one of the companies that submitted a competing bid appears to be a sole proprietorship incorporated in another country
C) The company won the bid and then subcontracted work to several of the smaller local firmsthathad also submitted bids
D) Officials from the federal agency appeared to have limited contact with the local officials during the bidding process

2. An internal auditor is conducting a quality assurance review of sales results and records for a large U.S.
based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures.
In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards.
Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers.
Given this information which is the MOST likely conclusion the internal auditor will make?

A) The sales department may be violating sanctions through the undocumented saleofdual-use goods to countriessubjectto U S sanctions
B) The sales department may be involved in a tax evasion scheme involving falsified returns to disguise undisclosed assets
C) The sales department manager may be involved in an embezzlement scheme tied to the returned airplane parts
D) The sales department may beinvolved in a fraudulent revenue recognition scheme related to hidden payment andrefundterms

3. Your client is the family of a man who is deceased. The family remembers stones that their father (the deceased) had a Cayman Islands company where he held his investments. They have located a file containing an old Cayman Islands bank statement in the name of Company A Limited and in care of a post office address. They want to know what information they can find out about the company and the account.
How can they determine if the company still exists?

A) Contact the bank and ask the status of the company
B) Check with the Corporate Registry as this information is public
C) Conduct an internet search for the company's name as company information is public
D) Visit the post office and ask for access to the PO Box

4. 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) 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
B) Gather and sod all relevant data the bank currently has on its customers to determine what information needs to be collected from account holders
C) Begin closing accounts and exiting relationships with account holders believed to be U S persons
D) Implement a 30% withholding on all interest and dividend payments coming from the U.S. to comply with the law's withholding requirements

5. A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP.
Given your responsibilities as an officer which course of action is MOST ethical?

A) Contact your personal network of compliance peers to see if they have filed any reports against the PEP in the past
B) While your employer does not forbid accounts from this country, recommend that enhanced due diligence be performed andthe customer be put on high-risk review
C) Contact the country's government regulator notifying them that the PEP is attempting to open an account and inquire as to the PEP's perceived status
D) Download a law enforcement report about the PEP from WikiLeaks

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