CFCS Exam Dumps Pass with Updated Dec-2024 Tests Dumps [Q100-Q119]

Q100. Your bank has recently received an online application for a new business account from a company named ACE Operations, LLC By reviewing the operating agreement and other documents included in the application, you determine that ACE is incorporated in the U S state of Wyoming.
A review of the Wyoming corporate registry online shows that ACE was formed 15 years ago. An initial Internet search produces no company website or further information about the company. The registered agent’s contact information and address on the company’s most recent annual filing is for Capital Solutions a corporate services provider.
Concerned that ACE Operations appears to be a shelf corporation you are conducting further due diligence on the company’s ownership structure Which is the MOST appropriate next step to take?

Q101. How are trade price manipulation schemes used to launder criminal proceeds?

Q102. You are leading the learn at your organization that is tasked with updating the fraud risk assessment. The team determines that the current risk assessment effectively identified the universe of potential fraud risks faced by the organization. The risk assessment also captured how existing fraud riskmanagement and controls address the identified risks. However, the team found weaknesses in other areas.
Which two components should the team include in the development of a sound risk assessment? Choose 2 answers

Q103. An account is opened for Restaurant A at your bank Jim Smith and Peter Sparks are co-owners of the restaurant, which is located in Odessa Ukraine Peter Sparks is a foreign politically exposed person affiliate because his brother, Steve Sparks is a senior government official.
Which two actions are required for anti-money laundering compliance? Choose 2 answers

Q104. During a routine audit, a financial institution discovers that its sanctions screening software has not been updated to include the latest changes to the OFAC SDN list. What is the most appropriate action for the institution to take?

Q105. Mr. Smith, the compliance manager of ABC Bank, is tasked with conducting a risk assessment of the institution’s correspondent banking relationships. Which of the following factors should Mr. Smith consider when assessing the risks associated with correspondent banking?

Q106. 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?

Q107. As an internal auditor for a commercial financial institution you are reviewing fixed term loans to a commercial customer that you are convinced were used to launder proceeds of crime.
Which three situations support your suspicion of money laundering? Choose 3 answers

Q108. You are a money laundering investigator at a financial institution. You discover that the target of one of your cases was your direct supervisor during previous employment.
How should you proceed?

Q109. In the context of Compliance Programs and Controls, which of the following statements best describes the purpose of an organizational overview of financial crime controls?

Q110. 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

Q111. You are investigating a multi-national company for financial fraud As part of your investigation, you would like to determine whether the company has complied with applicable tax laws in the jurisdictions in which it operates As a preliminary starting point you need to know the applicable laws relating to exchange of tax information.
Other than contacting the governments of each jurisdiction which organization’s website would have the MOST effective resources for obtaining such information?

Q112. A financial institution operates in multiple jurisdictions and encounters challenges in ensuring consistent compliance with OFAC sanctions across its global operations. What would be the most effective approach for the institution to enhance cross-border sanctions compliance?

Q113. Ms. Garcia, the Chief Compliance Officer of a multinational bank, is reviewing the institution’s sanctions compliance program. She wants to ensure that appropriate measures are in place to monitor and control transactions involving high-risk jurisdictions. Which of the following strategies would be most effective for Ms. Garcia to achieve this objective?

Q114. Bob a representative of Company A meets with a representative from the State Ministry of Country X to discuss a construction project in the country. The Ministry representative states that it is highly unlikelyfor a foreign firm to win such a bid without additional efforts” on the part of the foreign firm Bob s job is on the line and he pays the representative.
This is an example of which offense?

Q115. Person A has a savings account with Bank X. Five years later Person A was appointed chief minister of infrastructure lor Country Y a high-risk jurisdiction.

Q116. Phillips Importers LLC. is a shell company owned by Jon Phillips Mr. Phillips is very active in his local church He has convinced a large number of individuals from his church to invest in the Phillips Fund, which guarantees 10% returns.He lakes the money he collects and puts itina bank account for Phillips Importers LLC. He uses that money to market the Phillips Fund to new investors, print statements, pay dividends to his investors and pay some of his personal expenses.
Which types of fraud isMr.Phillips committing? Choose 2 answers

Q117. David is the owner of afast-foodrestaurant He has made deposits into his bank account totaling $123,000 of which S51,000 is from cash deposits of mostly small denominations David deposited the S51,000 into his bank account over a one-month period at three different branches using multiple employees to make the deposits which are detailed below.
Branch 1: Deposits were made on February 3 6 and 9 in the respective amounts-$4,000 S6,000 and $5,300 Branch 2: Deposits were made on February 6 9 and 12 in the respective amounts-S3,750, $3,200 and S9,850 Branch 3: Deposits were made on February 3 7. and 13 in the respective amounts-$5,300 $9,750 and $3,850 Which red flags are indicative of money laundering?
Choose 3 answers

Q118. Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?

Q119. Ms. Johnson, the compliance officer at DEF Credit Union, is conducting a risk assessment of the credit union’s mobile banking services. Which of the following factors should Ms. Johnson consider when assessing the risks associated with mobile banking?