OFAC Flashcards
The ofac is a dept of the US treasury dept that enforces economic and trade sactions against targeted hostile foreign contries and their agents. True or False?
a CU must check teh OFAC sanctions list when a member joins the CU, opens a new account, sends a bank wire and/or buys a CU check payable to a freign payee. True or False?
ofac likely applies to a CU when members want to wire money overseas. True or False?
if a member comes into the CU and wants to wire a large sum of money to a bank overseas, the CU should 1. check the current list of OFAC blocked countries, 2. place a block or freeze if the country appears on the list, and 3. file a report of the block within 10 days. True or False?
if a CU uses OFAC software it will have no liability under ofac. True or False?
if the CU files an ofac report it must retain the report indefintely. True or False?
if a CU violates the ofac requirements it can lose it NCUA insurance coverage. True or False?
only CUs doing internation wires or transactions are subject to ofac. True or False?
ofac requies CU that have filed reports to conduct annual audits and file annual reports of blocked property. True or False? ofac provides a website and a toll-free compliance hotline to answer questions. True or False?
