American Bankers Association Exam CRCM Topic 7 Question 6 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 6
Topic #: 7

Your bank's president comes back from an industry conference and tells the compliance officer that she attended a presentation about OFAC. She heard the bank could be fined for not adhering to OFAC requirements. Thus, she has directed that every bank transaction be reviewed for OFAC compliance. What is the most appropriate statement the compliance officer could make to the bank president?

AThe bank is already in compliance because OFAC checks are performed on all new depositors

BThe bank has assessed its OFAC risk and has implemented risk-based OFAC procedures

COFAC does not apply because the bank does not conduct business in foreign countries or with foreign nationals

DBanks are usually not fined for OFAC violations unless they conduct transactions with SDNs or blocked countries

Show Suggested Answer

Suggested Answer: B

by Ilene at May 05, 2022, 03:54 AM

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