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ACFCS CFCS Exam Overview:
| Certification Vendor: | Association of Certified Financial Crime Specialists (ACFCS) |
| Exam Name: | Certified Financial Crime Specialist (CFCS) |
| Exam Number: | CFCS |
| Passing Score: | 88/135 |
| Exam Price: | USD 1,695+ (varies by membership status, package, and region) |
| Real Exam Qty: | 135 |
| Exam Duration: | 240 minutes |
| Available Languages: | English |
| Certificate Validity Period: | 3 years |
| Related Certifications: | CFCS-DA (Certified Financial Crime Specialist - Digital Assets) CAMS (Certified Anti-Money Laundering Specialist) CFE (Certified Fraud Examiner) |
| Exam Format: | Scenario-based multiple choice |
| Sample Questions: | ACFCS CFCS Sample Questions |
| Exam Way: | Online proctored or testing-center proctored through Kryterion. |
| Pre Condition: | Candidates must be active ACFCS members and meet a minimum 40-credit eligibility requirement based on education, professional experience, training, and certifications. An application with supporting documentation is required before scheduling the exam. |
| Official Syllabus URL: | https://www.acfcs.org/the-exam |
ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Investigations | - Evidence gathering and analysis - Case management and reporting - Financial crime investigation techniques |
| Topic 2: Compliance Programs | - Regulatory expectations and audits - Governance and internal controls - Risk-based compliance frameworks |
| Topic 3: Asset Recovery | - Asset tracing methodologies - International cooperation mechanisms - Recovery and forfeiture processes |
| Topic 4: Tax Evasion | - Detection and reporting obligations - Tax crime typologies - International tax compliance initiatives |
| Topic 5: Ethics and Professional Standards | - Professional conduct principles - Integrity in financial crime compliance - Ethical decision-making |
| Topic 6: Cybercrime and Cybersecurity | - Information security threats - Cyber-enabled financial crimes - Incident response and risk mitigation |
| Topic 7: Terrorist Financing | - Regulatory and enforcement measures - Detection and disruption techniques - Financing methods and networks |
| Topic 8: Fraud | - Internal and external fraud risks - Fraud schemes and indicators - Fraud prevention and detection |
| Topic 9: Sanctions | - International sanctions programs - Sanctions compliance controls - Screening and monitoring processes |
| Topic 10: Human Trafficking | - Financial indicators of trafficking - Related compliance requirements - Detection and reporting strategies |
| Topic 11: Anti-Money Laundering | - AML controls and regulatory requirements - Money laundering methods and typologies - Customer due diligence and KYC |
| Topic 12: Corruption | - Bribery and corruption risks - Anti-corruption compliance frameworks - FCPA and international regulations |
ACFCS Financial Crime Specialist Sample Questions:
1. WhichtransactionMOST likely suggests the integration stage of money laundering?
A) Large cash purchase of prepaid cards
B) Multiple electronic fundstransfersbetween shell companies
C) Deposits of large amounts of cash
D) multi-countryimport/export invoices
2. The bookkeeper lor Corporation A has been charged wilh embezzling corporate funds. It was discovered that the bookkeeper misappropriated customer checks received in the mail cashed the checks and wrote-off the accounts receivable asuncollectible. The corporation had policies to ensure there was a segregation of duties.
Which condition is MOST likely to have provided an opportunity for the bookkeeper to embezzle corporate income checks?
A) The outside accountant receives and reconciles the monthly bank statement
B) The corporate mail duties of the receptionist which include logging the receipt of payments from customers are covered by a student intern when the receptionist calls in sick
C) The bookkeeper enters all payments received (rom customers into the corporate Cash Receipts Journal
D) The bookkeeper and receptionist who opens the mail cover lor each other while the other is at lunch
3. You have been askedtoreview Ihe annual report lor astartupcompanythatprovides digital identity verification services to online merchants. The company's founder has recently approached several groups of investors to sell a portion of his shares in the company, but after reviewing financial statements the investors had concerns over potential improper accounting to misrepresent the company's position and have asked you to review further.
Based on Ihe annual report it appears the company's total net position has increased each quarter for the past year Looking at sales records you determine a significant portion of the company's revenue comes from one client, a contract with a software development firm for $800,000 each quarter.
Whichfurtherfinding from the annual report and financial statements is Ihe BEST focus for your investigation?
A) The company lists an increase in expenses this year due to changes in overtime payment policies
B) The company incurred a tax charge this year of over $120,000
C) The company has a 10% increase in accounts payable year over year
D) The company s largest expense is a quarterly payment of $790,000 for coding services
4. In your job as an analyst with a securities regulator you are reviewing the movement and volatility in penny stocks. As part of your daily work, you review reports and you encounter this chart in the chart the dotted line represents the closing price and the bars represent average daily volume.
Which type of securities fraud should you begin investigating?
A) Front running
B) Insider trading
C) Market manipulation
D) Cherry picking
5. An employee in a busy metropolitan branch of a large global bank has noticed that two men come into the branch nearly every day together to conduct transactions. They usually only go to a certain bank teller and appear to have a cordial relationship with her Upon doing a quick due diligence review the employee sees that the men are from Belarus and one of the customers has the same last name as the teller.
Ethically which should be the branch employee's next step?
A) Restrict activity of the customers' bank accounts until the relationship between the teller and customers can be determined
B) Call the confidential internal employee ethics hotline to report the suspected unethical conduct
C) Contact the teller's family members and inquire about the relationship of the teller to the customers
D) Confirm the teller is from Belarus and caution her about conducting business with account holders from her native country due to the inherent conflict of interest
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: D |
By Matthew
