CAMS Exam Dumps | An incoming urgent international wire transfer in U.S. dollars has been identified by the sanctions screening

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Question 225/391

An incoming urgent international wire transfer in U.S. dollars has been identified by the sanctions screening team. The transaction is a large rounded amount and the name of the beneficiary is "North Korean Cigars Company" with an address in an industrial zone in Tianjin, China.
Which action should the sanctions team take?

A. Release the transaction so that the Chinese correspondent bank will not be negatively impacted

B. Block the transaction immediately because it contains a reference to North Korea

C. Call the correspondent bank and ask if it has performed due diligence on the originator

D. Hold the transaction and investigate the company before releasing the funds

Recent Comments (The most recent comments are at the top.)

Naoufel Bechikh - Nov 07, 2023

The whole question and given data are not clear. Generally, the correspondent bank asks the respondent bank whether DD were conducted on the originator (the answer C proposes the DD from the side of the correspondent which seems to not right).

I guess answer D makes more sense.

Naoufel Bechikh - Oct 18, 2023

I guess the answer D makes more sense.

Eda - Jun 14, 2023

The Correct Answer : D.
before be done the transaction, the company should investigate and screening sanction. Çin location North Korean Cigars Company maybe doesn't exist in north korea. we don't know

student - May 04, 2022

shouldnt the correct answer be B. Block the transaction immediately because it contains a reference to North Korea?

DFS Final Rule
• monitor transactions after their execution for compliance with the BSA and AML laws.......
• prevent unlawful transactions with targets of economic sanctions administered by (OFAC).

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