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American Bankers Association CRCM Exam - Topic 4 Question 53 Discussion

FA presents cash to the bank and seeks to wire it to his spouse, RA, in Cub A . The OFAC list identifies RA as a specially designated national. Under OFAC Regulations, what should the bank do?
A) Block the transfer
B) Conduct the transfer as requested and take no further action
C) Conduct the transfer as requested and notify OFAC immediately
D) Conduct the transfer only if the bank determines that Cuba is not a blocked country

American Bankers Association CRCM Exam - Topic 4 Question 53 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 53
Topic #: 4
[All CRCM Questions]

FA presents cash to the bank and seeks to wire it to his spouse, RA, in Cub A . The OFAC list identifies RA as a specially designated national. Under OFAC Regulations, what should the bank do?

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Suggested Answer: A

by Amie at Jun 14, 2022, 02:41 AM

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Felix
8 months ago
But what if the spouse isn't involved in anything illegal?
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Lillian
8 months ago
Definitely A. Can't risk penalties from OFAC.
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Dorcas
9 months ago
Wait, can they really just block it like that? Seems harsh!
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Scot
9 months ago
Totally agree, blocking is the only option here.
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Jacquelyne
9 months ago
The bank has to block the transfer. OFAC rules are strict.
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Cecil
9 months ago
I think the bank can only conduct the transfer if Cuba isn’t blocked, but I’m not confident about that. It’s tricky with all the regulations.
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Minna
9 months ago
I’m a bit confused about whether the bank should notify OFAC or just block the transfer. I feel like I’ve seen both scenarios in practice questions.
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Shawna
9 months ago
I remember a practice question about blocking transactions involving designated nationals. It seems like option A is the right choice here.
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Rolande
9 months ago
I think the bank has to block the transfer since RA is on the OFAC list, but I'm not entirely sure if there are exceptions.
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Flo
9 months ago
I think I know the answer, but I want to double-check my understanding. Let me quickly review the definitions of these terms to make sure I'm selecting the correct option.
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Bettye
9 months ago
I feel like we have tackled similar questions before; suspending the accounts in the Sponsor Portal seems like a safe bet.
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Malika
9 months ago
Okay, let me think this through step-by-step. The question is asking about an annotation that allows a request to be executed with another Principal's identity. I'm pretty sure option A is wrong, since it says it's not possible. Options C and D don't seem relevant. So I'm going to go with B, @UseIdentity.
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Chanel
10 months ago
This looks straightforward enough. I'll just go with my gut instinct on this one and see how it goes.
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