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The BSA officer has just been notified by the chief operations officer that, due to a glitch in the bank's OFAC interdiction software, wires have been regularly transmitted to a bank on the SDN list. Based on the OFAC Enforcement Guidance, what should the BSA Officer do FIRST to attempt to mitigate any penalties?
Suggested Answer: B
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26 comments · newest first
JU
Julian
1 month ago
True, but if we don’t self-report, we risk bigger penalties later. D is crucial!
TA
Tammy
1 month ago
Stopping all wires (B) seems like a quick fix, but it might not address the root cause.
CA
Casie
2 months ago
I agree, but A is important too. We need to understand the glitch first.
RU
Ruby
2 months ago
I think D is the best choice. Self-reporting shows transparency.
MI
Miss
2 months ago
C could be useful later, but we need to act fast with D.
MA
Mabel
2 months ago
B seems urgent. We need to stop those wires immediately.
WE
Wendell
2 months ago
I feel like A is important too. Understanding the error is key.
AD
Adelina
2 months ago
I think D is the best choice. Self-reporting shows transparency.
CR
Craig
3 months ago
C could be useful later, but we need to act fast first.
OZ
Ozell
3 months ago
B seems urgent. We need to stop the wires immediately.
KA
Karma
3 months ago
I feel like A is important too. Understanding the error is key.
CU
Curt
3 months ago
I think D is the best choice. Self-reporting shows transparency.
CR
Craig
3 months ago
I disagree, investigating the customer should come first!
CH
Cherrie
4 months ago
Wait, how did the software glitch even happen?
AN
Anthony
5 months ago
Self-reporting sounds risky, but maybe necessary?
JU
Junita
5 months ago
I think stopping the wires is the most important step!
CA
Cammy
5 months ago
Definitely need to review the OFAC policies first.
ST
Stevie
6 months ago
Not sure investigating the customer is the right move right now.
HE
Helga
6 months ago
Surprised this glitch happened in the first place!
LE
Leota
6 months ago
Self-reporting seems risky, but might be necessary.
AI
Aileen
6 months ago
I think stopping the wires is the most urgent step!
GL
Glenn
6 months ago
Definitely need to review the OFAC policies first.
JU
Julio
6 months ago
I think investigating the customer who sends the wires could be important, but it might not be the first thing to do. I feel like we need to address the software issue first.
FR
Francene
7 months ago
I remember a practice question where self-reporting was emphasized. It seems like a good option, but I wonder if we should investigate first to gather more information.
TI
Timmy
7 months ago
I’m not entirely sure, but I feel like stopping and holding all wires to the SDN bank might be the safest immediate action. We can't risk further violations, right?
AN
Anika
7 months ago
I think the first step should be to review the OFAC wire policies and procedures. It’s important to understand how the glitch happened before taking further action.