American Bankers Association Exam CRCM Topic 7 Question 102 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 102
Topic #: 7

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?

AReview the OFAC wire policies and procedures to determine how the errors occurred

BStop and hold all wires to the bank on the SDN list

CInvestigate the customer who sends these wires

DSelf-report the activity to OFAC

Show Suggested Answer

Suggested Answer: B

by Gary at Oct 19, 2024, 03:56 AM

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Rodrigo

16 hours 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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Maryanne

15 days ago

I agree with Jutta, understanding how the errors occurred is crucial to mitigate penalties.

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Jutta

1 months ago

I think the BSA Officer should review the OFAC wire policies first.

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