Banking Exam

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An effective OFAC (Office of Foreign Assets Control) compliance program within a bank should include all of the following EXCEPT:

Screening new customers and transactions against OFAC sanctions lists. Blocking or rejecting transactions with sanctioned individuals or entities. Appointing a dedicated BSA Officer, separate from any OFAC compliance responsibilities. Conducting a periodic, risk-based assessment of its exposure to sanctioned parties.

Correct Answer:

Appointing a dedicated BSA Officer, separate from any OFAC compliance responsibilities.

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