Free ACFCS CFCS Exam Dumps Questions & Answers

A law enforcement agent is investigating a properly within her jurisdiction that she believes may have been purchased with the proceeds of an online Fraud scheme. The property in question is a luxury condominium in a high-end residentialcommunity in a large urban area. It does not appear to be currently occupied and the agent suspects the properly might be used to integrate the fraudster s illicit profits.
After reviewing the case notes collected to date in the investigation the agent determines that the properly was purchased in the name of a shell company formed in another jurisdiction known for a high degree of corporate secrecy The agent is seeking to identity the beneficial owner of the properly to tie its purchase back to the proceeds of the fraud scheme.
Which is Ihe BEST next step in her investigation to find sources ol information that could identify the property's beneficial owner?

• A.  Subpoena the title insurance agency that assisted with reviewing and underwriting the transfer ol the property's title
• B.  Subpoena all financial institutions in the property s surrounding area to determine it any helped facilitate the sale of the property
• C.  Conduct physical surveillance on the property and surrounding area to determine who is living in the location
• D.  Submit a mutual legal assistance treaty (MLAT) request to the authorities ol the jurisdiction where the shell company is located to ask for their help in the case

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

• A.  Pyramid scheme
• B.  Market manipulation
• C.  Affinity fraud
• D.  Ponzi scheme

Jane is a dual citizen of the United Stales and Country B a known lax haven, she has permanently relocated to Country B The lax authorities in the U.S. and Country B have a well-established cooperation agreement to reduce tax evasion.
Upon relocating in Country B she legally changed her name and obtained government identification in Country B's official language. She used this new identification to establish bank accounts in Country B. She created new shell companies and opened new business ventures which generated millions of dollars of income for her.
Jane files proper tax returns in Country B and discontinues filing U.S. income tax returns. Which statement is true?

• A.  She broke U.S. tax laws by not notifying the institutions of her name change when opening new bank accounts in Country B
• B.  Considering she permanently moved to Country B she is only responsible for filing tax returns in Country B
• C.  As a dual citizen she is responsible for filing tax returns in both the U.S. and Country B until she renounces her U.S. citizenship
• D.  She broke Country B's tax laws by changing her name prior to opening new accounts since Country B now cannot match her records with the U.S. tax authorities

An investigator was retained by Corporation A to locale and recover assets in a significant civil Fraud matter.
During this engagement the investigator uncovers significant assets and relers them to the legal team for seizure.
The investigator is later engaged by Corporation B to locate and recover assets in a separate civil fraud matter. During the asset identification process the investigator learns that Corporation B and Corporation A have competing interests and are both pursuing assets from the same subject.
Since only a few weeks have elapsed the investigator uses the information developed for Corporation A and merely updates the information. He submits an invoice to Corporation B for the number of hours it would have taken to properly complete the project if there were no pre-existing work that had already been completed.
Were the investigator's actions appropriate?

• A.  Yes, Ihe investigator was prudent to capitalize on his prior work effort and share the information
• B.  No, the investigator should not double invoice and should disclose lo Corporation B his potential conflict of interest with Corporation A
• C.  Yes, invoicing another client for the amount of work it would have taken is appropriate
• D.  No, it is appropriate lo invoice for Ihe amount of work required but sharing client information is inappropriate

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?

• A.  To ensure strict adherence to internal audit procedures.
• B.  To solely focus on regulatory compliance without considering business objectives.
• C.  To identify potential vulnerabilities and risks within the organization's operations.
• D.  To facilitate efficient communication between different departments.