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American Bankers Association Exam CRCM Topic 10 Question 89 Discussion

Actual exam question for American Bankers Association's Certified Regulatory Compliance Manager exam
Question #: 89
Topic #: 10
[All Certified Regulatory Compliance Manager 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 Frankie at May 29, 2024, 09:06 PM

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William
2 months ago
Whoa, looks like the bank's software is as reliable as a toddler with a calculator! Gotta love technology, am I right?
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Arminda
2 months ago
C) Investigate the customer who sends these wires. Bet they're the ones causing all the trouble!
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Layla
2 months ago
Hmm, I'd say D) Self-report the activity to OFAC. Transparency is key in these situations, even if it's a bit painful.
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Clement
2 months ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred. Gotta get to the root of the problem first.
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Jamika
26 days ago
B) Stop and hold all wires to the bank on the SDN list
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Gianna
1 months ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Ronny
2 months ago
I'd go with B) Stop and hold all wires to the bank on the SDN list. Better safe than sorry, you know?
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Marya
2 months ago
C) Investigate the customer who sends these wires
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Johnna
2 months ago
B) Stop and hold all wires to the bank on the SDN list
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Georgene
2 months ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Lynelle
2 months ago
I agree, understanding the root cause is crucial before taking any further action.
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Justine
2 months ago
D) Self-report the activity to OFAC. That's the quickest way to get ahead of this and show you're being proactive.
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Carman
2 months ago
D) Self-report the activity to OFAC
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Mammie
2 months ago
B) Stop and hold all wires to the bank on the SDN list
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Stefania
2 months ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Lauran
3 months ago
We should review the OFAC wire policies and procedures to see how the errors occurred.
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Avery
3 months ago
What should we do first if wires have been sent to a bank on the SDN list?
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