CFCS Exam Topics Cover:

The Association of Certified Financial Crime Specialists
ACFCS Certification Examination
Construction of the CFCS Certification Exam
Job and Career Benefits from CFCS Certification
FINANCIAL CRIME , COMMONALITIES AND CONVERGENCE
Financial Crime
Defining Financial Crime and its Permutations
Technology Changes Complexion of Financial Crime
Globalization of Financial Crime
Commonalities of All Financial Crimes
Capitalizing on the ‘Commonalities’ and Exploring ‘Convergence’
MONEY LAUNDERING
The Financial
Action Task Force
Money Laundering Methods
The Three Stages of Money Laundering
The Russian Laundromat
Money Laundering Indicators
Financial Institution Money Laundering Methods and Vehicles
The Egmont Group of Financial Intelligence Units
Non-Financial Institution Money Laundering Vehicles
The Odebrecht Corruption Scandal
The Role of Lawyers, Accountants, Auditors, Notaries and Other Gatekeepers
Regulatory Frameworks for Gatekeepers
Real Property and Money Laundering
Structures That Hide Beneficial Ownership
The US Money Laundering Law
Terrorist Financing
UNDERSTANDING AND PREVENTING FRAUD
Understanding and Recognizing Types of Fraud
Fraud in loans and mortgages
Insurance and health care fraud
Credit and debit card fraud
Fraud in government benefits
Internal Fraud
Identity Theft and Fraud
Detecting and Preventing Fraud
Basel Committee on Banking Supervision
Benford’s Law
The importance of an enterprise approach to fraud and financial crime
GLOBAL ANTI-CORRUPTION COMPLIANCE AND ENFORCEMENT
The World Movement to Combat Corruption
Non-Governmental Organizations and Anti-Corruption Advocacy
Mechanisms That Facilitate Corruption
Stolen Asset Recovery Initiative (StAR)
The United States Foreign Corrupt Practices Act
PDVSA Bribery Scandal
Case Study: US v Chiquita Brands International,
Top Largest FCPA Penalties
The UK Bribery Act
Bribery and Extortion
TAX EVASION AND ENFORCEMENT
Tax Evasion is an Element in Virtually all Financial Crimes
Tax Evasion vs Tax Avoidance
International Scope of Tax Evasion
Falsifying Deductions to Under-report Income
Smuggling and Evasion of Customs Duty
Evasion of Value Added Tax (Vat) and Sales Taxes
Tax Fraud Through Offshore Entities
Special Purpose Vehicles/Entities
Repatriating Undisclosed Assets
Demonstrating Tax Fraud in Legal Cases
Employment Tax Fraud
Red Flags of Tax Fraud
Investigative Techniques to Detect and Prove Tax Fraud
The United States Foreign Account Tax Compliance Act (FATCA)
The OECD’s Common Reporting Standard – An Evolution in Global Tax Compliance
Participants in An Asset Recovery Team
Importance of Sound Planning
Making the Case for Asset Recovery
Repatriation of Assets
Information Sharing and Mutual Legal Assistance Treaties (MLATs)
The Hague Convention
Bankruptcy and Insolvency as Asset Recovery Tools
Tracing, Forfeiture and Substitution of Assets
Other Evidence-Gathering Tools
Enforcement of Judgments
Third Parties That May be Held Liable to Financial Crime Victims
FINANCIAL CRIME INVESTIGATIONS
Civil Law and Common Law Systems
Criminal Law and Civil Law
Private vs Public Investigations
Investigative Techniques
Open-Source Intelligence
Practical Example: Finding Mary
Conducting an Internet and Public Record Data Search
Interviewing Techniques
Affidavits
Recorded Testimony
Intelligence vs Evidence
Financial Crime Investigations Across International Borders
Tax and Secrecy Havens
US Secrecy Havens
Information Sources for a Financial Crime Investigation
Legal Considerations
INTERPRETING FINANCIAL DOCUMENTS
Financial Crime versus Error
International Financial Reporting Standards (IFRS)
Understanding and Using Financial Statements
Types of Financial Statements
Income Statement or Statement of Earnings (Profit and Loss)
Balance Sheet (Statement of Financial Position)
Statement of Cash Flows
Other Types of Financial Records
The World Customs Organization (WCO)
Analysis of Tax Returns
Protecting the Evidence
MONEY AND COMMODITIES FLOW
Frequently Used Vehicles to Move Money
Checks and Bank Statements
Correspondent Bank Accounts
Wire Transfers
Intermediary Banks
Non-Bank Foreign Exchange Companies and Money Transmitters
Informal Value Transfer System Legality
An Example of a Hawala Transaction
Commodities Trading to Move Money
Common Indicators of Suspicious Activity
Prepaid Cards and Their Financial Crime Risks
Digital Currencies
Human Trafficking and Financial Flows
COMPLIANCE PROGRAMS AND CONTROLS
Organizational of Financial Crime Controls
Risk Assessments
Sanctions Compliance
Office of Foreign Assets Control (OFAC)
Sanctions Compliance Programs
Identifying and Reporting Unusual or Suspicious Activity
The Evolving Compliance Landscape
Global Expectations for AML Compliance Programs
of the Risk-Based Approach
Employee Onboarding and Monitoring
Investigating and Identifying Beneficial Owners
Detecting and Reporting Suspicious Activity
of AML Compliance Monitoring Systems
Ongoing Testing and Due Diligence of Monitoring and Reporting Processes
Recognizing and Detecting Cyber Financial Crime
Social Engineering
Account Takeover
Account Takeover Red Flags
Planning A Cybersecurity Program
Other Network Security Standards and Industry Best Practices
Responding to a Cyber Incident
Essentials of a Data Privacy Program
International Data Privacy Laws and Regulations
Codes of Conduct
What Are Ethics?
Understanding the Respective Roles in Your Organization
The Evolving Compliance Landscape
Global Expectations for AML Compliance Programs