CRCM Banking Certified Regulatory Compliance Manager
QUESTION: 445 An individual comes into the bank and makes a $6,000 cash deposit into a checking account. At the same time, the individual buys a $7,000 cashier’s check with cash. According to the Bank Secrecy Act, what is the bank is required to do? A. File a SAR for $13,000 B. File a CTR for the $6,000 cash deposit C. Aggregate the transactions and retain information about the purchase of the cashier’s check D. Obtain the recordkeeping information for the purchase of the cashier’s check and complete a CTR for the total cash-in transaction of $13,000 Answer: D QUESTION: 446 Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR? A. U.S. passport B. Long-term deposit account relationship C. State-issued photo identification (e.g., driver’s license) D. Photo identification card issued by a local government agency Answer: B QUESTION: 447 Which of the following customers may be exempted under Phase II of the Bank Secrecy Act? A. Government agencies B. Correspondent banks C. Payroll customers D. Businesses whose stocks are traded on a national stock exchange Answer: C QUESTION: 448 In which of the following circumstances is it LEAST appropriate for a bank to file a SAR regarding Internet activity? A. Bank determines that one of its customers is the victim of identity theft 156
B. Bank becomes aware of identity theft of its domain name (i.e., another entity selects a name similar to the bank’s in order to confuse customers and obtain confidential financial information) C. Bank discovers that someone has hacked into its data system in order to obtain confidential customer data D. Bank determines through its transaction-monitoring program that a customer is making electronic transfers between his own checking and savings accounts that are just below the $10,000 reporting level Answer: D QUESTION: 449 When completing and filing a SAR, what is the bank NOT required to do? A. Submit a copy of the supporting documentation with the SAR B. Submit the SAR within 30 days of the initial detection of facts C. Report the SAR information to the bank’s board of directors D. Maintain a copy of the SAR and supporting documentation for 5 years Answer: A QUESTION: 450 What should a bank’s Bank Secrecy Act compliance program include? A.
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- Fall '20
- Cheque, Office of Foreign Assets Control, OFAC