ACAMS
CAMS · Question #586
A UK national has accounts with a bank in Belgium, who maintains a branch in New York. The UK national has been recently added and screened against the Office of Foreign Assets Control (OFAC) Speciall
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AML/CFT Compliance Programs
Question
A UK national has accounts with a bank in Belgium, who maintains a branch in New York. The UK national has been recently added and screened against the Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons List. Which action should the Belgian bank take?
Options
- AAllow all transactions up to the limit imposed by OFAC and report the transactions to the local
- BFreeze the assets of the customer and report to OFAC.
- CClose the account and ask the customer to send the funds to a bank account in the US.
- DContinue performing transactions as the bank's headquarters is in Belgium.
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Topics
#OFAC#SDN list#asset freezing#sanctions compliance