Online Access Free CGSS Practice Test

An entity that engages in a transaction under a general license issued by the Office of Foreign Assets Control (OFAC) must: (Select Two.)

• A.be sure the transaction is only related to agriculture and medicine.
• B.be sure other conditions comply with relevant sanctions.
• C.apply to OFAC for a specific license to clarify the conditions.
• D.issue a suspicious activity report.
• E.be sure the transaction is within the scope of the general license.

Which information should be considered while investigating a potential sanctions violation? (Select Two.)

• A.The customer's dual residence in a sanctioned country and a non-sanctioned country
• B.The customer's salary
• C.The customer's incoming and outgoing wire transfers involving non-sanctioned countries
• D.The customer's transactions of 10,000 USD or EUR or higher
• E.The customer's IP addresses

Which variables are most important for sanctions compliance when screening customers with an automated tool? (Select Three.)

• A.Identification number
• B.Name of person
• C.Employer of an existing customer
• D.Location
• E.Date of birth of a new customer
• F.Account number

Which action should an institution take after freezing funds for a customer who became an EU-sanctioned subject?

• A.Transfer the funds to another financial institution where the customer has another account.
• B.Notify the customer about the freezing.
• C.Freeze accounts of the customer's family members that have accounts within the same financial institution.
• D.Inform the applicable authorities about the freezing.

Which directs the Office of Foreign Assets Control to list non-US persons as Specially Designated Nationals?

• A.Sectoral Sanctions Identifications issued by the US Treasury Department
• B.UN Security Council Resolutions
• C.Executive Orders issued by the US President
• D.Financial Action Task Force Recommendations