Absolute Free CFCS Exam Practice for Comprehensive Preparation 

Phillips Importers LLC. is a shell company owned by Jon Phillips Mr. Phillips is very active in his local church He has convinced a large number of individuals from his church to invest in the Phillips Fund, which guarantees 10% returns.He lakes the money he collects and puts itina bank account for Phillips Importers LLC. He uses that money to market the Phillips Fund to new investors, print statements, pay dividends to his investors and pay some of his personal expenses. Which types of fraud isMr.Phillips committing? Choose 2 answers

John purchased a property live years ago Real estate records show that two years ago, John transferred his interest to a third parley Susan. Susan obtained a mortgage on the properly with a mortgage company Company Z. John maintains the properly and pays the mortgage and taxes John only lives there on the weekends John also rents a room to someone who lives at the property full time. You are the investigator tasked with identifying the property's beneficial owner Who is the beneficial owner?

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

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?

Recently your database of customer records was compromised and hundreds of thousands of customer's personal data was stolen Based on the feedback from your customers you have surmised that the following occurred. • Using the stolen customer information a personalized email was sent to all of the customers Irom the criminals with a significant amount of personal information in them to appear legitimate directing them to a fake website mimicking yours • That fake website captured logins and passwords from customers for later use • The criminals then used the logins and passwords to wire funds from those accounts to offshore accounts that they controlled Which type of attack is this?