ACFCS Certification Examination Illustrative Practice Questions : The following are illustrative questions similar to those that appear in the certification examination of the Association of Certified Financial Crime Specialists. They are provided here solely as examples of the type of questions on the actual certification examination. Candidates for the CFCS certification should review the CFCS Examination Study Manual thoroughly and do independent research to prepare themselves for the rigorous examination. ACFCS.org/certification Question 1 XYZ Industries, Inc., is incorporated in the British Virgin Islands and is indebted to a US-based company. You are a financial investigator for a US-based company and are aware of many properties owned by XYZ Industries both domestically and internationally. You have been hired to uncover the beneficial owner in order to identify available assets for repayment of outstanding debts and restitution of victims. Which document would best assist the investigator to identify the beneficial owner? A. A power of attorney or designation of corporate agent. – B. A mail forwarding notice related to the property filed with the local postal service. C. Articles of incorporation and board minutes for XYZ Industries, Inc. filed in the BVI. D. A Mutual Legal Assistance Treaty request filed with the BVI seeking all beneficial ownership records. Question 2 Your client invested in an international real estate investment company in the Cayman Islands. Recently, the client learned that her contact at the company was arrested in the United States on money laundering charges. She wants you to find out more information about the owners of the investment company. You have learned that the company she invested in was a shell corporation. You seek to identify the beneficial owners of the shell corporation. Which of the following describes a way to identify beneficial ownership? 2 A. Determine if there are loans by the company to individuals for no equity. – B. Determine if a Certificate of Good Standing was filed with the Cayman Company Registry official. C. Determine if the nominee directors hold positions with other companies in the Cayman Islands. D. Determine who the authorized signatories are for the company’s bank accounts. Question 3 Global Widget Co. recently acquired a local company in Benistan, a country with a high level of state involvement in the economy and history of corruption. Before purchasing the company, Global Widget hired a major international law firm to conduct a due diligence review and uncover any potential violations of global anti-corruption laws. When the review came back free of problems or issues, Global Widget completed its acquisition. Three years later, Global Widget executives were conducting their first anti-corruption compliance training with employees from the Benistan office. During the training session, Global Widget was alerted by Benistan-based employees that the distributors the company hires may be bribing local government officials. Global Widget had not conducted a review of the distributors in Benistan. When it looked into the allegations, it found widespread potential Foreign Corrupt Practices Act (FCPA) and UK Bribery Act violations. What are two weaknesses in Global Widget anti-corruption compliance program? A. Global Widget did not include its distributors in Benistan when it conducted its anti-corruption due diligence and training. – B. The due diligence review should have been conducted exclusively by local counsel in Benistan because they would be better versed in the country’s culture and laws. C. Global Widget should have conducted anti-corruption compliance training as soon as possible after acquiring the company in Benistan. – D. Global Widget failed to reach out directly to government agencies in Benistan to request information on any history of corrupt payments at the company it was acquiring.

ACFCS Certification Examination Illustrative Practice Questions


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