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American Bankers Association Exam CRCM Topic 1 Question 107 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 107
Topic #: 1
[All CRCM Questions]

The BSA officer has just been notified by the chief operations officer that, due to a glitch in the bank's OFAC interdiction software, wires have been regularly transmitted to a bank on the SDN list. Based on the OFAC Enforcement Guidance, what should the BSA Officer do FIRST to attempt to mitigate any penalties?

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Suggested Answer: B

by Izetta at Feb 07, 2025, 02:06 PM

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Freida
7 days ago
But shouldn't they also stop and hold all wires to the bank on the SDN list to prevent further violations?
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Simona
9 days ago
Haha, option C is just asking for trouble. Investigating the customer? What is this, a spy novel?
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Carolann
11 days ago
I don't know, I think B is the way to go. Stop those wires immediately, can't be too careful with OFAC these days.
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Cassie
13 days ago
Definitely go with option D. Self-reporting is the way to go, show OFAC you're being proactive and responsible.
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Buck
18 days ago
I agree, understanding how the errors occurred is crucial to fixing the issue.
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Micah
27 days ago
I think the BSA Officer should review the OFAC wire policies first.
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