American Bankers Association CRCM Exam - Topic 10 Question 21 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 21
Topic #: 10

[All CRCM Questions]

ABC Co. signed a contract to export goods to Country M, a boycotting country. Payment will be made by a letter of credit confirmed by First National Bank. The letter of credit requires ABC Co. to certify that none of its directors are nationals of any country boycotted by Country M before ABC can be paid. First National Bank confirms the letter of credit to ABC after determining that all of the documents are in order. Did First National Bank participate in a boycott, and must the bank report the action to the IRS?

ANo. The bank's action was only ministerial.

BYes. The action was participation in a boycott and the bank must report the action to the IRS.

CNo. Only ABC Co. is required to report to the IRS.

DYes, but no reporting requirements were triggered.

Show Suggested Answer

Suggested Answer: B

by Sylvie at May 05, 2022, 06:03 AM

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5 months ago

Okay, let's see. The question is asking about the system that guarantees information security coherence in an organization. That sounds like it's talking about a management or governance framework, not a specific technology. I'm leaning towards A, but I'll double-check my notes just to be sure.

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