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CFCSThe Only Association to CertifyKnowledge on the full-spectrumof Financial Crime
About ACFCSACFCS is a leading provider of practical tools andknowledge to help professionals improve results infinancial crime detection and prevention.Through membership, live and online training, andthe Certified Financial Crime Specialist (CFCS)credential, our goal is to deliver resources thatenable better performance in financial crimecompliance, investigations, regulation andenforcement.
Financial Crime Evolution
Financial Crime Evolution
First Faces
Now Voice
And Video
Certified Financial Crime SpecialistTheFinancialTheMarkMark ofof FinancialCrime Knowledge andCrime Knowledge andSkillSkill
Why CFCSArc of Financial CrimeOver the last three decades, the financial crime risk landscape hasexpanded dramatically for private and public sector organizations.So too have regulatory expectations, and public and mediaattention on financial crime issues.The silo’ed approach of the past is gradually giving way to a wider view that treats financial crimerisks like money laundering, fraud and corruption as parts of an interconnected whole.As a result, financial crime compliance professionals are increasingly seekingadaptive, comprehensive training resources that provide visibility into a broaderrange of threats.1970s – 90smoneylaundering gulatoryscrutinyMID - 2000sFCPA and anticorruptionenforcementLATE 2000sTax evasioncrackdown,massive fraudschemes exposedPRESENT DAYDiverse risks,soaringexpectations, risingcyber threats
Why CFCSThe CFCS credential responds to this shift in compliance, regulation, and enforcement toward aconverged approach to financial crime by validating knowledge and skill in multiple financialcrime fields. Many financial crimes share common elements, channels, red flags and methodologies Detection and prevention techniques share similarities across disciplines; awareness andcross-pollination of best practices can improve results Convergence is a trend in both public and private sectors, but also among threat actors Building information flows, “speaking the same language” across departments increasinglyessential Growing recognition of interconnections between financial crime by national governmentsand international standard-setting bodies, from FATF to OECD to FinCEN
What’s in the Certification145 questions in 12 subjectareasIncreased coverage of timely topics– Cybercrime, beneficialownership, cryptocurrencies,terrorist financingContinuous review and improvement– Annual refresh, audiobook, newprep materials
What’s onthe Certification
Construction of CFCS Certification Extensive multi-step process: Identification of Job Tasks Worldwide survey Writing of exam items based on job task and surveyfindings Detailed review and selection of items by experts andpsychometricians Ongoing revision and update by Exam ReviewCommittee – CFCS 2.0 Staff and team who led process had built 3 priorcertifications
About The Exam 145 scenario based, four choice, multiple choice questions Cut score about 70% Four hour exam session with no breaks, at one of over 900 testingcenters Passing rate is over 80% Results given immediately Spanish and Arabic-language versions Retake after 60 days
Study Manual 6th Edition Over 300 pages on the fullspectrum First and best resource to preparefor the exam New layout and format to improvereadability and user experience Over 30 pages of recent content updateso New section on human traffickingo Updated and expanded section on CDD/EDDo New section on internal fraud risks
Prep Resource Online Prep Course 11-hour online course, included inCertification Package for allcandidates Entirely self-paced, accessible at anytime Includes about 50 video interviewswith experts providing case studiesand real-world examples About 40 practice questionsincluded throughout the chapters Reflects content in CFCS PrepWebinars
Prep Resource: Practice Exam Now 92 total questions More added on a rolling basis Scenario-based, reflect thestructure and content of examitems Can be taken by candidates anunlimited number of times
Prep Resource: CFCS Study Plan Lays out example eight-week studyplan, divided into four phases Provides guidance on how andwhen to use prep resources, othersteps in process Customize based on your studyhabits and schedule – No one “rightway”
Other Preparation Aids Audiobook of Manual Tips on How to Prepare and Pass CFCS Live Prep Webinars, including decksand recordings CFCS Candidate Handbook and Application Guide to Prep Resources Links to schedule exam online
Recommended about 8weeks of study, if you commit3-4 hours a weekReview manual in detail,including referencedmaterials and appendix,online prep coursePrepare based on yourown strengths andweaknessesAbout the ExamExam based on best practices,Not what you might do atyour organization
Next Steps Prospective Candidates Register for CFCS examDocument 40 CFCS credits based onprofessional experience, training, andeducation, including other certificationsProvide two professional referencesSubmit applicationStudy manual and complete online prepresourcesSchedule, take and pass examCandidates have up to 90 days to submit creditdocumentation after examRecertify every three years
Demand For CFCS Certification Professionals in 83 jurisdictionshave earned CFCS certificationor registered for it since itsrelease in May 2013 20 major global institutions,Big 4 firms, and lawenforcement agencies inseveral countries have signedup as many as 200 staffmembers for certification
Next StepsReady to Get Started?Register online at ACFCS.org!Have Questions?Visit acfcs.org/certificationNeed Guidance?Contact Abner Santana at asantana@acfcs.orgOr 786-235-7373
Practice Question 1You are an AML officer at a local bank, which holds accounts for a variety of businesses inyour region. Most businesses are tied to the tourism and hospitality industry, as the regionis a major vacation destination during the summer months. Many accountholders are smallbusinesses that deal primarily in cash.You are investigating an alert produced by your transaction monitoring system on anaccount held by a local, family-owned restaurant located near one of the largest touristresorts in the area. After reviewing KYC information on the account, you determine thefamily lives in a neighboring country.Upon reviewing the account’s activity, you learn the following information. Which factbest supports the possibility that the restaurant account may be used for moneylaundering?
Practice Question 1A.The restaurant makes large cash deposits into its account biweekly from June untilearly September.B.The account shows a pattern of funds transfers each month to an account held ata bank in a neighboring country.C.The restaurant’s account shows consistent deposit activity throughout thecalendar year.D.The restaurant’s cash deposits were made through a combination of counter andATM deposits.
Practice Question 2You are part of a fraud incident response team that has been investigating the loss ofseveral hundred thousand dollars from your institution.After reviewing transactions and company books and records, your team has determinedthat the losses are connected to dozens of payments to offshore shell companies recentlyadded to your company’s approved vendor list.Based on the available information, what would be the best procedure you wouldrecommend to identify the perpetrators of the fraud scheme and prevent similar lossesin the future?
Practice Question 2A.Conduct enhanced due diligence to identify the beneficial owners of all approvedvendorsB.Implement a training program to assist your institution’s employees to detect andreport possible account takeover schemes.C.Review internal log files to identify the employee who made changes to thevendor list, and set up an alert process for any new vendors going forward.D.Conduct negative news screening on all employees with access to the vendor listand implement ongoing screening procedures for new employees.
Practice Question 3You are an investigator who has been asked to investigate potential fraud within a IT andtech support company. It is suspected that one or employees are stealing company funds,but the managers who have hired you are uncertain how it is happening.The company has been successful in recent months. Its sales have grown significantly, andit is expanding the geographic area in which it operates. It relies on many third parties toconduct its operations, including contractors and sales agents.You have started your investigation by examining invoices and other payment recordsmade by the company to third parties.Which record would you prioritize as MOST suspicious?
Practice Question 3A.Payment records to a new sales agent that show that commissions were paidwithin the first two months of employmentB.Contracts that show several new contractors in a city in which the manufacturerdid not previously operateC.Transaction records that show commission checks larger than any othercommission payments were issued to the most experienced sales agentD.Invoices paid to a distributor that include sizable reimbursements for unspecifiedtravel expenses
Questions?
Thank You For Attending!
Why CFCS The CFCS credential responds to this shift in compliance, regulation, and enforcement toward a converged approach to financial crime by validating knowledge and skill in multiple financial crime fields. Many financial crimes share common elements, channels, red flags and methodologies
