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Acams CGSS Exam - Topic 5 Question 6 Discussion

Actual exam question for Acams's CGSS exam
Question #: 6
Topic #: 5
[All CGSS Questions]

Under Office of Foreign Assets Control (OFAC) rules, a financial institution managing blocked funds:

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Suggested Answer: D

OFAC regulations require that blocked funds must be placed into an interest-bearing account, held separately, and reported to OFAC. This does not require preauthorization from OFAC.

However, no debits or credits may occur without OFAC authorization, including:

* settling standing bills or checks (A),

* charging interest or loan/corporate card fees (C),

* deducting credit-card service charges (B).

Only OFAC can authorize movement or use of blocked property.


OFAC blocked property rules for interest-bearing retention.

Prohibition on debits, credits, and unauthorized transactions involving blocked funds.

by Cyndy at Jan 05, 2026, 05:16 AM

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Casie
2 days ago
Haha, I bet the OFAC agents are real fun at parties. Anyway, I think B is the correct answer.
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Harrison
23 days ago
C is the way to go. Gotta keep that interest rolling in, even on a frozen account!
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Malika
29 days ago
D sounds right to me. The funds need to be in an interest-bearing account.
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Lucia
1 month ago
I'm pretty sure the answer is B. No deductions from a blocked account without OFAC approval.
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Edda
1 month ago
I thought that funds in a blocked account couldn't just be placed in an interest-bearing account without OFAC's approval, but I need to double-check that.
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Werner
1 month ago
I feel like charging interest from a frozen account might require some sort of OFAC license, but I can't recall the specifics.
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Dalene
2 months ago
I think I came across a similar question about service charges on frozen accounts, and it seemed like they were generally prohibited.
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Yaeko
2 months ago
I remember studying that OFAC has strict rules about managing blocked funds, but I'm not sure if they allow debiting for standing checks.
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Izetta
2 months ago
B seems like the safest bet here. The question is specifically asking about prohibited actions, so that's likely the correct answer.
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Bettyann
2 months ago
Okay, let me think this through step-by-step. I need to identify the key details about OFAC rules and apply them to each option.
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Shawn
2 months ago
Ugh, I'm not sure about this one. I'll have to guess and hope for the best.
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Venita
2 months ago
I'm pretty confident that the answer is B. The question clearly states that the financial institution is "strictly prohibited" from deducting service charges.
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Tori
3 months ago
Hmm, this seems tricky. I'll need to carefully review the OFAC rules to determine the right approach.
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