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Free CRCM Exam Braindumps (page: 193)

Page 193 of 344
PDF with 463 Questions

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



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?

  1. Review the OFAC wire policies and procedures to determine how the errors occurred
  2. Stop and hold all wires to the bank on the SDN list
  3. Investigate the customer who sends these wires
  4. Self-report the activity to OFAC

Answer(s): B



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?

  1. Review the OFAC wire policies and procedures to determine how the errors occurred
  2. Stop and hold all wires to the bank on the SDN list
  3. Investigate the customer who sends these wires
  4. Self-report the activity to OFAC

Answer(s): B



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?

  1. Review the OFAC wire policies and procedures to determine how the errors occurred
  2. Stop and hold all wires to the bank on the SDN list
  3. Investigate the customer who sends these wires
  4. Self-report the activity to OFAC

Answer(s): B



Page 193 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
upvote

LeAnne Hair commented on August 24, 2023
#229 in incorrect - all the customers require an annual review
UNITED STATES
upvote

LeAnne Hair commented on August 24, 2023
I think question 204 has an incorrect solution. It should be D-Regulation E
UNITED STATES
upvote

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
upvote

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