OFAC ACTUAL EXAM STUDY GUIDE|VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS|ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE
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OFAC
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OFAC
OFAC ACTUAL EXAM STUDY GUIDE|VERIFIED EXAM QUESTIONS AND CORRECT ANSWERS|ALL GRADED A+|GUARANTEED SUCCESS|LATEST UPDATE
OFAC's sound practices include: - ANSWER-Written policies and operations procedures
Maintain current SDN lists
Effective internal controls and communications
*All of...
OFAC ACTUAL EXAM STUDY
GUIDE|VERIFIED EXAM QUESTIONS
AND CORRECT ANSWERS|ALL GRADED
A+|GUARANTEED SUCCESS|LATEST
UPDATE 2024-2025
OFAC's sound practices include: - ANSWER-✅Written policies and operations
procedures
Maintain current SDN lists
Effective internal controls and communications
*All of the above*
OFAC has the authority to impose economic sanctions. - ANSWER-✅t
Only individual accounts, not corporate accounts, may be blocked. - ANSWER-✅f
The purpose of OFAC sanctions is: - ANSWER-✅To be foreign policy tools
The OFAC SDN list contains: - ANSWER-✅U.S. and foreign citizens
OFAC can impose sanctions against: - ANSWER-✅Countries
Companies
Individuals
*All of the above*
OFAC is responsible for monitoring banking accounts and transactions. - ANSWER-
✅F
Your institution may use software to identify illicit funds transfers and to
electronically compare transactions or parties against the OFAC SDN list. - ANSWER-
✅T
OFAC sanctions may be imposed against individual accounts only. - ANSWER-✅F
, Your institution must check any __________ against the OFAC list before any
transaction is initiated. - ANSWER-✅Non-U.S. citizen attempting to conduct a
transaction
Party who does not have an existing account with your institution
Foreign company attempting to conduct a transaction
*All of the above*
If your institution identifies a match to an entity on the OFAC SDN list, your
institution must either ____________ or ___________ the transaction. - ANSWER-
✅Block / freeze
John, a customer, has requested a transfer of funds from an account at a different
institution. It turns out the outside account is blocked. - ANSWER-✅The transaction
must be rejected and reported
Institutions that are very small or located in rural areas do not have to worry about
OFAC regulations. - ANSWER-✅F
The FSE and SSI lists replace the SDN list. - ANSWER-✅F
If a property is blocked, you must retain a record of the property for at least five
years after the date your institution ______________ the property. - ANSWER-
✅Unblocked
Financial institutions have a major role in implementing OFAC sanctions. - ANSWER-
✅T
The majority of OFAC violations have resulted from financial institutions' failure to
block illicit transfers when there was a reference to a targeted country or SDN. -
ANSWER-✅T
The majority of OFAC fines have been issued for institutions': - ANSWER-✅Failure to
block illicit transfers
OFAC's sound practices include written policies and operational procedures. -
ANSWER-✅T
An account block can be overridden when funds are needed for a: - ANSWER-✅An
account block may not be overridden without a license from OFAC
OFAC rules prohibit your institution from engaging in transactions with
_____________ associated with foreign countries against which federal law imposes
economic sanctions. - ANSWER-✅The governments of or individuals or entities
The OFAC list of entities and individuals that are prohibited from engaging in
transactions with the U.S. is called the: - ANSWER-✅Specially Designated Nationals
and Blocked Persons (SDN) list
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