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American Bankers Association Exam CRCM Topic 9 Question 91 Discussion

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

Question #: 91
Topic #: 9

[All Certified Regulatory Compliance Manager Questions]

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 Herminia at Jun 29, 2024, 04:46 AM

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Merissa

24 days ago

I'm going with B. Gotta keep those Iraqi funds flowing, am I right? It's not like they're gonna use it to fund any, you know, terrorist activities or anything.

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Madonna

1 months ago

D is the best answer. Might as well go for broke and notify OFAC right away, just to cover your bases. It's like my grandma used to say, 'When in doubt, rat them out!'

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Marshall

1 months ago

Definitely C - better safe than sorry when it comes to OFAC regulations. I don't want to end up in hot water with the feds!

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Cherrie

18 days ago

User 2

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Myrtie

30 days ago

User 1

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Katheryn

2 months ago

I think blocking the transfer might be too extreme, but notifying OFAC immediately after conducting the transfer seems like a good compromise.

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Reyes

2 months ago

I'm going with B - gotta make sure the bank and the recipient aren't on the naughty list before approving the transfer.

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Antonio

16 days ago

Yeah, it's better to take the necessary precautions to avoid any potential issues.

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Lashaunda

27 days ago

I think it's better to be safe than sorry when it comes to these things.

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Serina

1 months ago

Definitely, we don't want to get in trouble for unknowingly sending money to someone on the list.

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Erasmo

1 months ago

I agree, it's important to check the list before transferring funds.

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Jesse

2 months ago

I agree with Alexia, it's important to follow regulations and avoid any potential risks.

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Alexia

2 months ago

I disagree, I believe the bank should only conduct the transfer if the individual and the financial institution are not on the SDN list.

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Moon

2 months ago

Option C is the way to go, can't be too careful with those Iraqi transfers, you know?

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Justine

1 months ago

Definitely, better to be cautious with transfers to high-risk countries.

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Jospeh

1 months ago

I agree, blocking the transfer is the safest option in this case.

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Annamae

1 months ago

D) Conduct the transfer and then notify OFAC immediately

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Arlyne

1 months ago

C) Block the transfer

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Corazon

2 months ago

B) Conduct the transfer if the individual and the financial institution are not on the SDN list

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Lewis

2 months ago

A) Conduct the transfer as requested

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Trinidad

2 months ago

I think the bank should conduct the transfer as requested.

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