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Exam CRCM topic 1 question 222 discussion

Actual exam question from ABA's CRCM
Question #: 222
Topic #: 1
[All CRCM Questions]

First National Bank advises Country A, a boycotting country, on various U.S. investments. Country A instructs First National Bank not to recommend for investment any shares of certain blacklisted companies. First National Bank follows this instruction. Has First National Bank participated or cooperated in an international boycott under the IRS regulations by this action?

  • A. Yes. The companies are the subject of a boycott.
  • B. No. The bank may agree not to recommend certain companies.
  • C. Yes, if the companies are part of a boycott.
  • D. No, but the bank must report this action to the IRS.
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Suggested Answer: B 🗳️
by Cam22 at March 17, 2024, 1:05 a.m.

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Cam22
4 months ago
Selected Answer: A
The correct answer is A. Yes. The companies are the subject of a boycott. By following Country A's instruction not to recommend investments in certain blacklisted companies due to a boycott, First National Bank has participated or cooperated in an international boycott. U.S. regulations, including those enforced by the IRS, require entities to report and, in many cases, prohibit participation in foreign boycotts not sanctioned by the United States.
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