Study with CFCS Actual Test Questions

Your country has received a spontaneous transmittal of information from Switzerland indicating lhal Person A the Director of Procurement from your country's Ministry of Internal Development maintains a bank account in Zurich with an average balance of $7,000 000. Previously there have been numerous allegations that Person A has received bribes in return tor favorable contract awards.
Which activity should be done FIRST to maximize the probability that these lunds are repatriated to your country?

• A. Submit a formal mutual legal assistance request to Switzerland requesting return of all funds in the account
• B. Directly contact the bank in Zurich to determine the source of the funds
• C. lndict Person A for money laundering in violation of Article 23 of the UNCAC
• D. Initiate a criminal investigation of Person A in your country

You are a manager in Ihe fraud department of a regional bank Upon returning from a three-day weekend one of your analysts informs you that in the last 48 hours a high volume of suspicious activity has been detected in a number of a small business accounts.
The accounts are showing a similar pattern - first a small funds transfer to institutions in other countries followed by a series of larger transactions to the same institutions initiated in rapid succession.
Concerned about the activity you contact your senior compliance managers and recommend these transactions be suspended or clawed back pending further investigation. Based on the information available which additional steps should you recommend?
Choose 2 answers

• A. Contact the cybersecurity department to alert them that your institution may have been the victim of a data breach
• B. Suspend all active credit cards currently issued to small business accounts and issue new ones
• C. Require the bank to call a known number to confirm all international transactions from small business accounts
• D. Contact small business accountholders to alert them that they may have been the victims of a ransomware attack

You were recently hired as a new sanction's analyst for a large international bank in your introductory training you were told the bank generally prefers to avoid doing business with jurisdictions on U.S. sanctions lists, but has supported transactions under "specific' and "general licenses".
In your day-to-day job you find a certain business line seems to be conducting transactions with companies in sanctioned countries and these transactions are flagged by your sanction's filters more than others When you researched the companies you found the transactions were not covered under a general or specific license When you raised this issue with the division's business line manager, he said it "was a mistake".
A week later, you saw a transaction to a company with nearly the same name except shortened and slightly altered. The transaction amount is the same but there was no mention of the sanctioned jurisdiction. The business line manager assured you it was a different company m non-sanctioned country Which is the MOST appropriate next step for you to take?

• A. inform your superiors that due to conflicting information both companies should be the subject of a Suspicious Activity Report (SAR)
• B. Close the case because the original alerts were false positives The country is not on a U.S. sanctions list
• C. Update your sanctions filter parameters lo note that the new company with the similar name has been internally white-listed
• D. inform your superiors that some business lines may be stripping transaction details and dealing with entities or regions on U.S. sanctions

A credit card company has recently become aware that fraudsters are obtaining multiple cards using stolen or synthetic identities II is now reviewing its card application process to identify potential weaknesses.
Which two elements in the company's application process are potential weaknesses? Choose 2 answers

• A. Applications from geographic areas where high instances of credit card fraud have been reported in the past are subjected to a more detailed review
• B. The company calls the applicant to verify contact information il area codes for home, cell, and office phone numbers do not match the address on the application
• C. The company treats credit card applications from all channels (online mail unsolicited etc) the same and subjects them to the same review process
• D. The company verifies customer contact information using only the information from a customer's credit report

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. The price Mr. X charges is suspect if fees are not itemized and documented
• B. The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business
• 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. Mr. X may be considered to be a politically exposed person (PEP)