Discuss American Bankers Association CRCM Exam Topic 4 Question 53

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?

ABlock the transfer

BConduct the transfer as requested and take no further action

CConduct the transfer as requested and notify OFAC immediately

DConduct the transfer only if the bank determines that Cuba is not a blocked country

Suggested Answer: A

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13 comments · newest first

Felix 11 months ago

But what if the spouse isn't involved in anything illegal?

Lillian 11 months ago

Definitely A. Can't risk penalties from OFAC.

Dorcas 12 months ago

Wait, can they really just block it like that? Seems harsh!

Scot 12 months ago

Totally agree, blocking is the only option here.

Jacquelyne 12 months ago

The bank has to block the transfer. OFAC rules are strict.

Cecil 1 year 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.

Minna 1 year 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.

Shawna 1 year ago

I remember a practice question about blocking transactions involving designated nationals. It seems like option A is the right choice here.

Rolande 1 year 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.

Flo 1 year 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.

Bettye 1 year ago

I feel like we have tackled similar questions before; suspending the accounts in the Sponsor Portal seems like a safe bet.

Malika 1 year 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.

Chanel 1 year ago

This looks straightforward enough. I'll just go with my gut instinct on this one and see how it goes.

American Bankers Association CRCM Exam - Topic 4 Question 53 Discussion