CFCS (Other exams) study guide
CFCS · Work through your exam, one topic at a time.
The Certified Financial Crime Specialist (CFCS) is a professional credential administered by the Association of Certified Financial Crime Specialists (ACFCS). This page is independent study material and is not affiliated with, endorsed by, or sponsored by ACFCS; all program details should be confirmed against the official certification pages before you apply. The CFCS study guide has 5 sections and about 1,406 words.
01Financial Crime Compliance Programs and Risk Management
A credible financial crime compliance (FCC) program is risk-based, documented and independently tested. Candidates must know the building blocks: board and senior-management oversight; a designated compliance officer with authority and independence; an enterprise-wide risk assessment (EWRA) that feeds customer, product, channel and geographic risk assessments; written policies and procedures; CDD/EDD and beneficial ownership identification; sanctions and negative-news screening; transaction monitoring and alert triage; SAR/STR filing and escalation; training; recordkeeping; and independent testing or audit.
272 words, about 1 min02Money Laundering
Money laundering is the process of disguising the origin of criminal proceeds. The classic model is placement (introducing cash into the financial system), layering (obscuring the trail through transfers, shell companies or conversions) and integration (reintroducing funds as apparently legitimate).
292 words, about 1 min03Terrorist Financing
Terrorist financing is the raising, moving or use of funds for terrorist acts or organizations. Unlike money laundering, the funds may be entirely legal in origin-donations, salaries, business revenue-and amounts may be small.
300 words, about 2 min04Fraud and Other Financial Crime Typologies
Fraud is deception for financial gain and is a predicate offense for money laundering. Candidates should distinguish internal fraud (employee theft, expense, collusion) from external fraud (card, check, wire, identity theft, account takeover, phishing, business email compromise, authorized push payment scams, romance and investment fraud, Ponzi schemes, advance-fee fraud) and first-party fraud, where the customer fabricates identity or intent.
279 words, about 1 min05Corruption, Sanctions and Asset Recovery
Bribery is offering, promising or giving an advantage to influence official action; kickbacks and facilitation payments are variants. Know the FCPA (anti-bribery provisions, accounting provisions, narrow facilitation-payment exception) and the UK Bribery Act (broad commercial and foreign-public-official coverage, strict liability for failure to prevent bribery, no facilitation-payment exception).
263 words, about 1 min