CFCS (Other exams) study plan

Map the four pillars of a financial crime compliance program (governance, risk assessment, controls, testing) and state the purpose of each

Distinguish the three lines of defense and assign specific financial crime responsibilities to each

Explain the risk-based approach and contrast it with a rules-based approach using two concrete examples

Define money laundering and sequence the placement, layering, and integration stages with one example transaction flow per stage

Break down the components of customer due diligence: identification, verification, beneficial ownership, and ongoing monitoring

Distinguish simplified, standard, and enhanced due diligence triggers and select the correct tier for five given customer scenarios

Construct a risk assessment methodology that scores customer, product, channel, geography, and delivery risk

Identify recordkeeping and reporting obligations that attach to suspicious activity and currency transaction thresholds

Categorize at least 15 money laundering typologies by sector (banking, MSB, real estate, trade, virtual assets) and name the red flags for each

Analyze trade-based money laundering methods including over- and under-invoicing, carousel transactions, and multiple invoicing

Explain how shell companies, nominee arrangements, and layering through correspondent banking obscure ownership

Define terrorist financing and contrast its funding scale, sources, and movement methods with profit-driven money laundering

Identify TF funding sources including self-funding, charitable diversion, kidnapping for ransom, and state-sponsored support

Explain the role of hawalas, informal value transfer systems, and small-value crowdfunding in TF movement

Differentiate TF indicators from ML indicators when reviewing transaction behavior

Describe targeted financial sanctions obligations for TF, including asset freezing without delay and the prohibition on making funds available

Classify the major fraud families: payment card, check, wire, ACH, identity, account takeover, and internal fraud

Trace the mechanics of authorized push payment scams, business email compromise, and romance/investment fraud from solicitation to cash-out

Identify first-party versus third-party fraud and the controls that detect each

Explain mule account networks and the behavioral indicators used to detect them

Describe emerging financial crime typologies involving virtual assets, non-fungible tokens, and decentralized finance

Define corruption, bribery, and the distinction between facilitation payments and extortion under major frameworks such as the FCPA and UK Bribery Act

Recognize red flags of bribery in third-party intermediaries, gifts, hospitality, and public procurement

Outline the elements of an anti-bribery program including risk assessment, due diligence, and books-and-records controls

Differentiate sanctions types: comprehensive, targeted, sectoral, secondary, and list-based screening obligations

Apply ownership and control thresholds to determine whether an entity is blocked

Sequence asset recovery steps from investigation and restraint through confiscation and repatriation

Explain mutual legal assistance, asset sharing, and the role of FIUs in cross-border recovery

Integrate all five domains into a single investigation workflow from alert triage to SAR filing and closure

Recall key definitions, thresholds, and regulatory acronyms across all domains without notes

Diagnose and remediate personal weak areas identified in prior weekly self-tests

Pace yourself under exam conditions across two full-length practice sets