American Bankers Association Exam CRCM Topic 6 Question 86 Discussion

Actual exam question for American Bankers Association's Certified Regulatory Compliance Manager exam

Question #: 86
Topic #: 6

What should a bank do when it receives a request from a customer to transfer funds to an individual in Iraq?

AConduct the transfer as requested

BConduct the transfer if the individual and the financial institution are not on the SDN list

CBlock the transfer

DConduct the transfer and then notify OFAC immediately

Show Suggested Answer

Suggested Answer: B

by Nathalie at Apr 28, 2024, 12:15 AM

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4 months ago

D could work too, but I think verifying against the SDN list first is crucial.

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4 months ago

Blocking seems strict. I thought D made sense because OFAC should be notified.

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4 months ago

I picked C. Blocking makes sense given the OFAC rules.

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4 months ago

B? That’s the one about not being on the SDN list, right?

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5 months ago

Yes! I wasn't sure. I went with B.

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5 months ago

The exam question on transferring funds to Iraq was tricky, right?

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