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American Bankers Association CRCM Exam - Topic 6 Question 55 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 55
Topic #: 6
[All CRCM Questions]

ACME Bank is a $600 million institution with 15 branches within three counties. Because of its proximity to Mexico, the bank has many foreign national customers and makes many foreign wire transfers for its customers. Currently the bank's branch managers print the OFAC list of SDNs and place them in strategic places in each branch. The wire transfer department keeps its own copy of the list. The compliance officer has implemented an annual auditing program to check the bank's compliance with OFAC regulations. The findings of this audit are provided to the bank's board of directors annually. The bank's regulatory agency has indicated to management that the bank has a high risk for BSA/AML/OFAC compliance. Of the following actions, which would be the most effective to strengthen the bank's OFAC compliance?

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Suggested Answer: B

by Marjory at Jul 23, 2022, 08:15 PM

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Ty
4 months ago
Totally agree, sharing info with agencies is crucial!
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Layla
4 months ago
Daily checks? Seems excessive, right?
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Antonio
4 months ago
Interdiction software sounds like a solid investment.
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Xochitl
5 months ago
I think they should definitely do audits more often!
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Dianne
5 months ago
ACME Bank has a $600 million asset base.
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Stefany
5 months ago
Providing transaction info to federal agencies, as in option D, seems like it could help, but I’m not clear on how that directly strengthens OFAC compliance.
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Lon
5 months ago
I think requiring the BSA officer to check the OFAC website daily, like in option C, is a good idea, but I wonder if that’s enough on its own.
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Reita
5 months ago
I remember we discussed the importance of technology in compliance, so I think option B with the interdiction software could be really effective.
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Merilyn
5 months ago
I'm not entirely sure, but I feel like conducting audits more frequently, like in option A, might help catch issues sooner.
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Carmelina
5 months ago
Hmm, I'm not too familiar with Exadata, so I'll need to think this through carefully. Let me review the options and see if I can spot the best practices.
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Leah
5 months ago
No problem, I've got this. The functional currency is all about the primary economic environment the subsidiary operates in, so I just need to pick the three most relevant factors from the options provided.
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Tarra
5 months ago
Okay, let me think this through step-by-step. The Orchestration Designer is used to design call flows, and the Treatment block is likely related to how the caller is handled. I'm going to eliminate the options that don't seem to fit, and then make my best guess.
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