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American Bankers Association CRCM Exam - Topic 2 Question 54 Discussion

State National Bank is a $250 million community bank. It makes a variety of consumer and commercial loans, regularly transmits funds via wire transfers for its customers, and issues commercial and stand-by letters of credit. Which of the following transactions can State National make without checking the OFAC SDN list and without incurring liability?
D) None. The bank can be liable for all.
A) Send a wire transfer via its correspondent bank in New York for a commercial customer.
B) Sell a cashier's check payable to a third party.
C) Cash an on-us check over-the-counter for a noncustomer.

American Bankers Association CRCM Exam - Topic 2 Question 54 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 54
Topic #: 2
[All CRCM Questions]

State National Bank is a $250 million community bank. It makes a variety of consumer and commercial loans, regularly transmits funds via wire transfers for its customers, and issues commercial and stand-by letters of credit. Which of the following transactions can State National make without checking the OFAC SDN list and without incurring liability?

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Suggested Answer: D

by Charlene at Jun 27, 2022, 12:27 PM

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Goldie
8 months ago
Definitely not A, compliance is key!
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Kanisha
8 months ago
C seems risky, but I guess it depends on the situation.
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Catalina
9 months ago
Surprised that any transaction could be done without checking!
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Leatha
9 months ago
I think D is the safest bet here.
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Fatima
9 months ago
A wire transfer needs OFAC checks, right?
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Ashlyn
9 months ago
I’m uncertain about D, but I remember that banks have to be cautious with all transactions. It feels like they should check the SDN list for everything.
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Tamesha
9 months ago
I’m pretty sure that cashing checks for noncustomers is risky, so C might not be safe either. I think D could be the safest bet.
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Lemuel
9 months ago
I feel like there was a practice question about cashier's checks, but I can't recall if they need to check the OFAC list. Maybe B is okay?
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Maile
9 months ago
I remember we discussed OFAC compliance in class, and I think wire transfers usually require checking the SDN list, so A might not be the right choice.
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Lenny
9 months ago
Hmm, this is a tricky one. I'll need to carefully read through each option and think about the propagation rules.
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Raina
9 months ago
Okay, I think I've got this. The first principal component is the line that captures the most variance in the data. Based on the information given, the blue line seems to be the one that aligns with the direction of greatest spread, so that must be the first principal component. I'm feeling pretty confident about this one.
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Alonzo
10 months ago
No problem, I've got this. The mean is the average of all the data points, the median is the middle value when they're sorted, and the mode is the most common value.
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Leandro
10 months ago
This looks like a tricky one, but I think I can tackle it. The key is to focus on the requirements - anonymizing the data in a non-reversible way while preserving the character set and length. I'm leaning towards option B, Cloud Data Loss Prevention with format-preserving encryption.
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