ACFCS CFCS valid study dumps : Financial Crime Specialist

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 knowntocontrol a numberofdifferent companies andtheirrelated subsidiaries within severalLamAmerican countries. You are tracing (fundsthat 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 indicatorThatMr.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 into the account from a nondescript business with little information available about it
• C. Funds transferred to business associates of Mr.X located in the European Union
• D. Funds that are being used in the operation of a business in ahigh-riskjurisdiction

Mr. Johnson, a compliance officer at ABC Corporation, is conducting due diligence on a potential business partner based in a foreign country. During the due diligence process, Mr. Johnson discovers that the potential partner's principal shareholder is a politically exposed person (PEP) from a country subject to OFAC sanctions. What is the most appropriate action for Mr. Johnson to take?

• A. Proceed with the business partnership but disclose the involvement of the PEP to OFAC.
• B. Proceed with the business partnership but conduct enhanced monitoring of transactions involving the PEP.
• C. Seek guidance from OFAC on the permissibility of engaging with the potential partner.
• D. Reject the business partnership due to the involvement of a PEP from a sanctioned country.

You are investigating an attorney who is suspected of assistingMr.Jones in hiding his illegal drug proceeds Your investigation has disclosed a bank account controlled by the attorney that is in the nameofa shell company There is a seriesofbank transfers from this account to an account in Switzerland.
Which information would be MOST useful in demonstrating the lawyer's complicity in the money laundering activity?

• A. Financial records indicating Mr. Jones was using the bank transfers to place and layer illicit proceeds of drug sales
• B. Documents in which the attorney discusses buying illegal drugs directly from Mr Jones
• C. Records reflecting the signature of the lawyer on the initial filing of Ihe shell company
• D. E-mails indicating the attorney had knowledge that the funds transferred to Switzerland stemmed from drug sales

According to the Basel's Committee's Customer Due Diligence Paper how should a customer's first payment be carried out?

• A. Through an account in the customers name with another bank subject to similar customer due diligence standards
• B. Through an established money service business with a correspondent relationship with the financial institution
• C. Through an account in the customer's name in an established bank within the financial action task force zone
• D. Through a lawyer or other gatekeeper account with another bank subject to similar customer due diligence standards

You operate a convenience store that also sells and cashes money orders and offers wire transfer services.
Which three activities on their own are sufficient red flags to warrant further due diligence into whether a transaction may be related to terrorist financing? Choose 3 answers

• A. On a weekly basis a customer wires S2 500 to the charity Middle Eastern Orphans and Refugees Relief Association with a post office box address in New York City
• B. Every week immediately upon receiving a money transfer the customer purchases a series of money orders, prepaid debit and phone cards to be sent to other individuals
• C. A customer who has recently immigrated to the country sends funds to a high-nsk jurisdiction, where they used to live
• D. Several customers receive a monthly wire transfer of funds from the same business which has an address in a high-risk jurisdiction