Acams Exam CAMS-FCI Topic 2 Question 7 Discussion

Actual exam question for Acams's CAMS-FCI exam

Question #: 7
Topic #: 2

[All CAMS-FCI Questions]

Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

AReviewing wire transfer screening processes to ensure that potential name hits are investigated promptly

BLooking at copies of suspicious activity reports filed with regulators to ensure completeness

CEnsuring that all clients with foreign identification are subject to enhanced due diligence

DExamining Human Resources processes for conducting criminal background checks on executives

Show Suggested Answer

Suggested Answer: C

The OFAC sanctions screening audit program should include the requirement that all clients with foreign identification are subject to enhanced due diligence, as this provides an extra layer of protection against potential violations of OFAC sanctions.

by Dorothy at Nov 17, 2024, 01:19 PM

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Nettie

10 days ago

I bet the HR background check option (D) is just a red herring to confuse us. Nice try, test writers!

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Malinda

23 days ago

Hmm, I'm not so sure. Option C about enhanced due diligence for foreign clients also sounds important for OFAC compliance.

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Marshall

11 days ago

B) Looking at copies of suspicious activity reports filed with regulators to ensure completeness

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Sherman

12 days ago

A) Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly

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Silvana

26 days ago

I believe option B is crucial as well, to ensure completeness of suspicious activity reports filed with regulators.

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Stevie

27 days ago

I agree, A is the way to go. Reviewing the wire transfer screening process is crucial to catch any potential OFAC issues.

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Eulah

4 days ago

User 1: I think A is the most important test to include in the audit program.

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Catina

1 months ago

I agree with Geraldine, but I also think option C is important to include for enhanced due diligence on clients with foreign identification.

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Geraldine

1 months ago

I think option A should be included, as it ensures potential hits are investigated promptly.

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Cassi

1 months ago

Option A seems like the most relevant one to me. Ensuring timely investigation of potential OFAC hits should be a key part of any sanctions screening audit.

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Iola

4 days ago

Examining HR processes for criminal background checks on executives may not be directly related to OFAC sanctions screening.

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Pearly

7 days ago

Ensuring enhanced due diligence for clients with foreign identification is a key aspect of the audit program.

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Rochell

8 days ago

I think looking at suspicious activity reports filed with regulators is also important to ensure completeness.

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Cyndy

1 months ago

I agree, reviewing wire transfer screening processes is crucial for OFAC sanctions screening.

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