American Bankers Association CRCM Exam - Topic 7 Question 6 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 6
Topic #: 7

[All CRCM Questions]

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

Show Suggested Answer

Suggested Answer: B

by Ilene at May 05, 2022, 03:54 AM

Limited Time Offer

25%

Off

Get Premium CRCM Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Margurite

4 months ago

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

upvoted 0 times

...

Isreal

4 months ago

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

upvoted 0 times

...

Jade

4 months ago

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

upvoted 0 times

...

Louis

4 months ago

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

upvoted 0 times

...

Jina

5 months ago

OFAC checks are a must for all transactions!

upvoted 0 times

...

Aileen

5 months 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.

upvoted 0 times

...