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?
When an institution identifies a transaction that should be blocked under OFAC (Office of Foreign Assets Control) requirements, the appropriate action is to reject the transaction. Blocking the transaction means preventing it from being processed or completed. This action is necessary to ensure compliance with OFAC regulations and to prevent the movement of funds to sanctioned individuals, entities, or countries.
Options B, C, and D would not address the requirement to block the transaction under OFAC regulations. Instead, they could potentially lead to non-compliance or further exposure to risk.
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Cam22
4 months ago