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American Bankers Association Exam CRCM Topic 1 Question 24 Discussion

Actual exam question for American Bankers Association's Certified Regulatory Compliance Manager exam
Question #: 24
Topic #: 1
[All Certified Regulatory Compliance Manager Questions]

First National Bank opened a letter of credit in favor of ABC Co., a U.S. company, for ABC's sale of goods to Country X, a foreign country that participates in a boycott. The letter of credit contains no boycott provisions, but First National Bank knows that ABC Co. has agreed to supply a certification to Country X that ABC has not dealt with any blacklisted firms as a condition of receiving the letter of credit in its favor. What should First National Bank do?

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Suggested Answer: C

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