Certified Regulatory Compliance Manager (CRCM) — Question 243

Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?

Answer options

• A. Reject the transaction
• B. Process the transaction
• C. Close the customer's account
• D. Place the funds in an interest-bearing account

Correct answer: D

Explanation

The correct answer is D because placing the funds in an interest-bearing account protects the bank while complying with OFAC regulations. Rejecting the transaction (A), processing it (B), or closing the account (C) could lead to non-compliance or loss of funds.