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American Bankers Association CRCM Exam - Topic 4 Question 56 Discussion

What should a bank do when it receives a request from a customer to transfer funds to an individual in Iraq?
B) Conduct the transfer if the individual and the financial institution are not on the SDN list
A) Conduct the transfer as requested
C) Block the transfer
D) Conduct the transfer and then notify OFAC immediately

American Bankers Association CRCM Exam - Topic 4 Question 56 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 56
Topic #: 4
[All CRCM Questions]

What should a bank do when it receives a request from a customer to transfer funds to an individual in Iraq?

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Suggested Answer: B

by Shonda at Aug 04, 2022, 12:07 PM

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Howard
8 months ago
Sounds risky, I wouldn't trust that process.
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Sylvie
8 months ago
If they're not on the list, it should be fine to proceed.
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Francoise
9 months ago
Wait, can they even transfer to Iraq at all?
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Ling
9 months ago
I think blocking the transfer is the safest bet.
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Jina
9 months ago
Definitely check the SDN list first!
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Jolanda
9 months ago
I thought we were supposed to notify OFAC right away if there was any doubt, so option D might be the way to go, but I'm not completely confident.
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Nada
9 months ago
I feel like we practiced a similar question, and it was important to verify the financial institution involved too. Maybe option B is the right choice?
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Marvel
9 months ago
I'm not entirely sure, but I remember something about blocking transfers to certain countries. Could it be option C?
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Andra
9 months ago
I think the bank needs to check if the recipient is on the SDN list before proceeding with the transfer. That sounds familiar from our compliance training.
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Tawna
9 months ago
I think the key here is to remember the hierarchy of the RSA Archer data structure. It's going to be one of these options, I just need to double-check my understanding.
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Brett
10 months ago
I feel pretty confident about this one. Based on my understanding of Planning Optimization and purchase trade agreements, the vendor account needs to be specified on the rows in the Supply forecast in order for the agreements to be properly utilized. I'll select option C.
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