Discuss American Bankers Association CRCM Exam Topic 7 Question 6

Your bank's president comes back from an industry conference and tells the compliance officer that she attended a presentation about OFAC. She heard the bank could be fined for not adhering to OFAC requirements. Thus, she has directed that every bank transaction be reviewed for OFAC compliance. What is the most appropriate statement the compliance officer could make to the bank president?

AThe bank is already in compliance because OFAC checks are performed on all new depositors

BThe bank has assessed its OFAC risk and has implemented risk-based OFAC procedures

COFAC does not apply because the bank does not conduct business in foreign countries or with foreign nationals

DBanks are usually not fined for OFAC violations unless they conduct transactions with SDNs or blocked countries

Suggested Answer: B

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10 comments · newest first

Margurite 11 months ago

Banks can get fined for OFAC violations, even if they think they’re in the clear!

Isreal 12 months ago

Wait, does OFAC really not apply if we don't deal with foreign countries?

Jade 12 months ago

Actually, the bank is already doing OFAC checks on new depositors.

Louis 12 months ago

I think we should definitely review all transactions, better safe than sorry.

Jina 1 year ago

OFAC checks are a must for all transactions!

Aileen 1 year ago

Okay, I've got this. The first blank is asking for an alternative to public/private keys, and the second blank is asking for the alternative. I think the answer is B.

Vincenza 1 year ago

Okay, let's see. The key here is to identify the complete solutions that can connect all 100 VPCs. I'm pretty sure I know the right approach.

Adaline 1 year ago

This question seems straightforward, I think I can handle it.

Lorean 1 year ago

I can't recall if the focus should be on the team or the incidents themselves. This is trickier than I thought!

Catalina 1 year ago

This seems like a classic actuarial question. I'll draw on my knowledge of rate adjustments and demographic factors to select the best option.

American Bankers Association CRCM Exam - Topic 7 Question 6 Discussion