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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
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 comprises 145 scenario-based multiple-choice questions, challenging you to apply your understanding to real-world situations. The exam covers areas such as:
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TESTED 26 Jun 2024
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