CUCE General Operations Exam 2025 – 400 Free Practice Questions to Pass the Exam

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What does OFAC require credit unions that have filed reports to conduct annually?

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Audit and file annual reports of blocked property

The requirement for credit unions that have filed reports, as stipulated by the Office of Foreign Assets Control (OFAC), includes conducting audits and filing annual reports regarding blocked property. This process is crucial for ensuring that institutions remain compliant with regulations concerning sanctions and to account for any assets that have been blocked under these sanctions. By conducting audits, credit unions can accurately assess their compliance levels and confirm that they are adhering to mandates relevant to blocked property, ensuring that they are not engaging in transactions with sanctioned entities. This diligent practice is essential for maintaining the integrity of the financial system and supporting national security measures. Other options, while potentially relevant to operational policies within credit unions, do not specifically address the mandated requirements from OFAC in relation to blocked property.

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