Free CFCS Mock Exam – Practice Online Confidently

You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement. In developing your FATCA compliance program which should be incorporated into your program?

An internal auditor is conducting a quality assurance review of sales results and records for a large U.S. based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures. In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards. Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers. Given this information which is the MOST likely conclusion the internal auditor will make?

A bank holds accounts for several different gatekeeper clients such as attorneys accountants and company formation agents II is conducting a periodic review of these accounts and updating their risk ratings. Which two accounts should the bank consider to be at highest risk? Choose 2 answers

Your client has been targeted by a payments scam that has resulted in him remitting significant sums of money to the entity perpetrating the fraud Your client has traced the payments which revealed that the ultimate beneficiary of the fraud is Company A that appears to be operating from the British Virgin Islands (BVI) Before taking any further action your client would like to confirm if Company A Ltd is incorporated in the BVI. How can they do this?

A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP. Given your responsibilities as an officer which course of action is MOST ethical?