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Free CAFS — Certified Anti-Fraud Specialist Exam Questions and Answers
Last updated: March 29, 2025
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CAFS — Certified Anti-Fraud Specialist
#Question
A company discovers employees are accessing confidential information without authorization. What is their best immediate response?
A.
Investigate the access logs
B.
Change passwords
C.
Increase security measures
D.
Ignore the findings
Correct Answer:
A
Investigating access logs helps identify which employees accessed information and why.
#Question
A charity is asked to process an unusually large donation from an unknown source. What should they do first?
A.
Accept the donation
B.
Ignore the request
C.
Verify donor identity
D.
Notify the board
Correct Answer:
C
Verifying donor identity is critical to ensure compliance with regulations and prevent fraud.
#Question
Employees report difficulties accessing sensitive data due to unclear policies. What should management prioritize?
A.
Review existing policies
B.
Create new policies
C.
Ignore the reports
D.
Train the employees
Correct Answer:
A
Reviewing existing policies helps ensure clarity in data access and addresses employee concerns.
#Question
A financial institution notices an increase in accounts flagged for suspicious activity. What should their first step be?
A.
Block all accounts
B.
Increase transaction fees
C.
Investigate the accounts
D.
Report to authorities
Correct Answer:
C
Investigating the accounts flagged provides necessary context to clarify suspicious activities.
#Question
A supplier frequently alters billing amounts without notifications. What should finance do first?
A.
Audit supplier invoices
B.
Discuss with the supplier
C.
Ignore it
D.
Change payment terms
Correct Answer:
A
Auditing supplier invoices helps uncover any discrepancies and ensure accurate billing.
#Question
An employee at a non-profit witnesses questionable invoice practices. What is their best immediate action?
A.
Discuss with other employees
B.
Adjust invoices themselves
C.
Report to the finance team
D.
Ignore it
Correct Answer:
C
Reporting to the finance team ensures that potential fraud is addressed through the appropriate channels.
#Question
A company experiences a sudden spike in customer complaints about unauthorized charges. What should they investigate first?
A.
Marketing strategies
B.
Transaction histories
C.
Employee performance
D.
Customer demographics
Correct Answer:
B
Investigating transaction histories helps identify patterns behind unauthorized charges.
CAFS — Certified Anti-Fraud Specialist
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FAQ
Q1: What are ACAMS Certification Exams? A: ACAMS (Association of Certified Anti-Money Laundering Specialists) Certification Exams validate your expertise in anti-money laundering (AML), financial crime detection, and prevention, demonstrating your skills in maintaining compliance with global financial regulations.
Q2: Why should I pursue ACAMS Certification? A: ACAMS Certification enhances your professional credibility, showcasing your knowledge in AML and financial crime prevention. This can lead to better job opportunities, higher salaries, and career advancement.
Q3: What are the benefits of ACAMS Certification? A: Benefits include recognition as a certified AML specialist, improved job performance, access to exclusive resources, networking opportunities, and the ability to stay current with the latest AML strategies and regulatory changes.
Q4: Who should take ACAMS Certification Exams? A: Financial professionals, compliance officers, risk managers, auditors, law enforcement personnel, and anyone involved in AML and financial crime prevention should consider these certifications to validate their expertise and advance their careers.
Q5: What types of ACAMS Certification Exams are available? A: ACAMS offers certifications such as Certified Anti-Money Laundering Specialist (CAMS) and Advanced CAMS-Risk Management (CAMS-RM), each tailored to specific roles and expertise levels in AML and financial crime prevention.
Q6: How do I prepare for ACAMS Certification Exams? A: Preparation can include official ACAMS training programs, study guides, practice exams, webinars, and hands-on experience in AML and financial crime prevention.
Q7: Where can I take ACAMS Certification Exams? A: ACAMS Certification Exams can be taken at authorized testing centers worldwide or online, providing flexibility to fit your schedule and location.
Q8: How do ACAMS Certifications impact my career? A: ACAMS Certifications significantly boost your career by demonstrating your expertise to employers, making you a more competitive candidate for advanced roles and promotions in the financial and compliance sectors.
Q9: Are there any prerequisites for ACAMS Certification Exams? A: Some exams may have prerequisites, such as foundational knowledge or prior certifications. Check the specific requirements for each certification path on the ACAMS website.
Q10: How often do I need to recertify for ACAMS Certifications? A: ACAMS Certifications typically require continuing education and recertification every three years to ensure that certified professionals stay updated with the latest AML and financial crime prevention practices.
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