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Free CRCM Exam Braindumps (page: 192)

Page 192 of 344
PDF with 463 Questions

Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?

  1. Reject the transaction
  2. Process the transaction
  3. Close the customer's account
  4. Place the funds in an interest-bearing account

Answer(s): D



Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?

  1. Reject the transaction
  2. Process the transaction
  3. Close the customer's account
  4. Place the funds in an interest-bearing account

Answer(s): D



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?

  1. The bank is already in compliance because OFAC checks are performed on all new depositors
  2. The bank has assessed its OFAC risk and has implemented risk-based OFAC procedures
  3. OFAC does not apply because the bank does not conduct business in foreign countries or with foreign nationals
  4. Banks are usually not fined for OFAC violations unless they conduct transactions with SDNs or blocked countries

Answer(s): B



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?

  1. The bank is already in compliance because OFAC checks are performed on all new depositors
  2. The bank has assessed its OFAC risk and has implemented risk-based OFAC procedures
  3. OFAC does not apply because the bank does not conduct business in foreign countries or with foreign nationals
  4. Banks are usually not fined for OFAC violations unless they conduct transactions with SDNs or blocked countries

Answer(s): B



Page 192 of 344



Post your Comments and Discuss Banking CRCM exam with other Community members:

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
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LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
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Igor commented on April 10, 2020
Guys, leave no stones unturned. Try to study every questions and anything other supplementary material you have. The exam is not easy. I just wrote mine and if it wss not for these questions I would have not have passed it.
BULGARIA
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Lori commented on July 20, 2017
I had a good result. Worth the money.
UNITED STATES
upvote

Chipps commented on July 20, 2017
Studying from this dump helped me understand the concept and what comes in the exam. But I only get about 80 to 85% of the questions not 100% as it is claimed. Well... still good enough to pass.
UNITED STATES
upvote