American Bankers Association CRCM Exam - Topic 5 Question 52 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 52
Topic #: 5

[All CRCM Questions]

Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?

AReject the transaction

BProcess the transaction

CClose the customer's account

DPlace the funds in an interest-bearing account

Show Suggested Answer

Suggested Answer: A

by Latrice at May 29, 2022, 10:24 PM

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Delbert

4 months ago

OFAC rules are strict, no doubt about it!

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Venita

5 months ago

Wait, can we really just put the funds in an interest account?

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Corazon

5 months ago

Closing the account seems extreme, though.

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Rolf

5 months ago

Totally agree, blocking it is the right move!

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Francine

5 months ago

We have to reject the transaction first.

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Ngoc

5 months ago

I vaguely recall something about placing funds in a separate account, but that seems risky. I think rejecting the transaction is safer.

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Vanna

5 months ago

I feel like we should definitely not process the transaction, but I'm a bit confused about whether we need to close the account or just report it.

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Edmond

5 months ago

This reminds me of a practice question where we had to decide whether to process or block a transaction. I think rejecting it might be the right move here.

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Kristin

6 months ago

I remember we discussed the importance of blocking transactions under OFAC guidelines, but I'm not sure if we should reject it outright or just hold it.

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Aja

6 months ago

Okay, let me see. Baiting is when the attacker leaves a physical device like a USB drive with malware, hoping the victim will find and use it. That sounds like the most likely answer here.

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Alesia

6 months ago

I'm a bit confused on the relationship between vRSLCM and the other vRealize products. I'll need to review my notes to make sure I understand the dependencies.

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