Acams Exam CAMS-FCI Topic 2 Question 7 Discussion

Actual exam question for Acams's CAMS-FCI exam

Question #: 7
Topic #: 2

[All CAMS-FCI Questions]

Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

AReviewing wire transfer screening processes to ensure that potential name hits are investigated promptly

BLooking at copies of suspicious activity reports filed with regulators to ensure completeness

CEnsuring that all clients with foreign identification are subject to enhanced due diligence

DExamining Human Resources processes for conducting criminal background checks on executives

Show Suggested Answer

Suggested Answer: C

The OFAC sanctions screening audit program should include the requirement that all clients with foreign identification are subject to enhanced due diligence, as this provides an extra layer of protection against potential violations of OFAC sanctions.

by Dorothy at Nov 17, 2024, 01:19 PM

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24 days ago

Option A seems like the most relevant one to me. Ensuring timely investigation of potential OFAC hits should be a key part of any sanctions screening audit.

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Cyndy

19 days ago

I agree, reviewing wire transfer screening processes is crucial for OFAC sanctions screening.

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