Absolute Free CFCS Exam Practice for Comprehensive Preparation 

You work for a bank that is subject to U.S. sanctions overseen by the Office of Foreign Assets Control (OFAC). In the past your institution has had difficulty keeping the Specially Designated Nationals (SDN) lists up-to-date. Which is the recommended course of action when dealing with transactions from a sanctioned country through your bank?

A bank holds accounts for several different gatekeeper clients such as attorneys accountants and company formation agents II is conducting a periodic review of these accounts and updating their risk ratings. Which two accounts should the bank consider to be at highest risk? Choose 2 answers

A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP. Given your responsibilities as an officer which course of action is MOST ethical?

During a review of its compliance program, XYZ Bank discovers that it has processed transactions involving individuals and entities on the Office of Foreign Assets Control (OFAC) Specially Designated Nationals (SDN) list. What is the most appropriate action for XYZ Bank to take? 

Your client has been targeted by a payments scam that has resulted in him remitting significant sums of money to the entity perpetrating the fraud Your client has traced the payments which revealed that the ultimate beneficiary of the fraud is Company A that appears to be operating from the British Virgin Islands (BVI) Before taking any further action your client would like to confirm if Company A Ltd is incorporated in the BVI. How can they do this?