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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
4 months ago
But what if the spouse isn't involved in anything illegal?
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Lillian
5 months ago
Definitely A. Can't risk penalties from OFAC.
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Dorcas
5 months ago
Wait, can they really just block it like that? Seems harsh!
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Scot
5 months ago
Totally agree, blocking is the only option here.
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Jacquelyne
5 months ago
The bank has to block the transfer. OFAC rules are strict.
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Cecil
5 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
5 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
5 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
6 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
6 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
6 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
6 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
6 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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