ACAMS
CAMS · Question #489
CAMS Question #489: Real Exam Question with Answer & Explanation
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Question
A foreign bank's compliance officer receives a request for information from a US bank, alerting the foreign bank to the possibility that it may have transferred funds on behalf of an Office of Foreign Assets Control (OFAC) sanctioned person, who holds an account with the foreign bank. Which statements are true with respect to said funds and the information in relation to the transaction under scrutiny? (Select Two.)
Options
- AIf the funds are seized, then the foreign bank would be within its rights to dispute such seizure.
- BUS authorities have no power (in terms of the USA PATRIOT Act) to sanction the foreign bank for
- CThe USA PATRIOT Act authorizes the Secretary of the Treasury or the Attorney General to
- DIf a US citizen were part of the foreign bank's Board deliberations where a decision was made to
- EUS authorities are only permitted to seize the funds transferred by the foreign bank under OFAC
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