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American Bankers Association Exam CRCM Topic 7 Question 102 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 102
Topic #: 7
[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 Gary at Oct 19, 2024, 03:56 AM

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Stevie
27 days ago
This is a real 'wire' nightmare for the BSA officer. They're really in a bind here!
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Anissa
16 days ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Isadora
29 days ago
B) Hold all wires to that bank immediately. Can't have any more of those going out until it's sorted out.
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Dulce
30 days ago
D) Self-reporting is the way to go. Better to be proactive and transparent than try to hide it.
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Diane
1 months ago
A) Review the OFAC wire policies and procedures first. You need to understand how this happened before you can take any other action.
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Francoise
6 days ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Rodrigo
1 months ago
D) Self-report the activity to OFAC. That's the best way to get ahead of the issue and show OFAC that the bank is taking it seriously.
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Valentin
24 days ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Aretha
26 days ago
D) Self-report the activity to OFAC
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Dominic
27 days ago
B) Stop and hold all wires to the bank on the SDN list
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Thomasena
30 days ago
A) Review the OFAC wire policies and procedures to determine how the errors occurred
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Maryanne
2 months ago
I agree with Jutta, understanding how the errors occurred is crucial to mitigate penalties.
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Jutta
2 months ago
I think the BSA Officer should review the OFAC wire policies first.
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