Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What may banks tell customers about blocked funds?
What may banks tell customers about blocked funds?
- That the funds are blocked due to a violation of sanctions regulations
- That the bank is responsible for releasing the funds
- That the bank has blocked funds in accordance with OFAC's instructions (correct)
- That the customer can only contact the bank to seek access to their funds
Who can apply for a license on behalf of a customer in cases of blocked funds?
Who can apply for a license on behalf of a customer in cases of blocked funds?
- The customer
- No one, except in cases of mistaken identity (correct)
- OFAC
- The bank
Can banks provide legal advice to customers regarding OFAC's sanctions regulations?
Can banks provide legal advice to customers regarding OFAC's sanctions regulations?
- Yes, banks can provide legal advice, but only in certain cases
- Yes, banks are required to provide legal advice
- It depends on the type of transaction
- No, banks should not give legal advice to customers (correct)
Flashcards are hidden until you start studying
Study Notes
Disclosure of Blocked Funds
- Banks are allowed to inform customers that their funds have been blocked in accordance with OFAC's instructions.
- Customers may contact OFAC directly to seek access to their blocked funds.
Bank's Role in License Applications
- Banks do not apply for a license on behalf of the customer or other impacted party, except in cases of mistaken identity.
Bank's Guidance on Sanctions
- Banks may discuss potential transactions with customers to determine if they would violate sanctions.
- Banks should not provide legal advice to customers regarding OFAC's sanctions regulations.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
