Which statement best describes the definition of a sanction? After Sam Quin's bank installs the latest automated screening software for customer due diligence, he believes he need... Which statement best describes the definition of a sanction? After Sam Quin's bank installs the latest automated screening software for customer due diligence, he believes he need not continue to make his own observations of customer activities for red flags.
Understand the Problem
The question is asking about the definition and understanding of sanctions, as well as the responsibilities of a bank employee regarding customer due diligence and monitoring for compliance with OFAC sanctions.
Answer
'All of these' best describes the definition of a sanction.
The statement 'All of these' best describes the definition of a sanction.
Answer for screen readers
The statement 'All of these' best describes the definition of a sanction.
More Information
Sanctions can include government orders that affect commerce, specific citizens, or goods, often due to political reasons. Non-compliance can lead to severe penalties.
Tips
A common mistake might be assuming sanctions apply only to countries, but they can also target individuals and goods.
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