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ABA CRCM Practice Test - Questions Answers, Page 25

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Question 241

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Which of the following transactions requires completion of FinCEN Form 104, a CTR?

Question 242

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On which of the following loans must a bank maintain records under the Bank Secrecy Act?

Question 243

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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

Question 244

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Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?

Question 245

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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Question 246

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In which of the following circumstances is it LEAST appropriate for a bank to file a SAR regarding Internet activity?

Question 247

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When completing and filing a SAR, what is the bank NOT required to do?

Question 248

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What should a bank's Bank Secrecy Act compliance program include?

Question 249

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A routine review of account records reveals that suspicious activity involving foreign currency has occurred in the account of one of the bank's directors. Which of the following actions should be t

Question 250

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A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of $4,000. The compliance officer must det

Related questions

Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Martha Whitmire, the BSA Compliance Officer for First National Bank, is responsible for monitoring the bank's daily currency activity and wire transfers, for compliance with information retention and reporting requirements. Ms. Whitmire notices during her review on March 10 that, during the previous two weeks, a transaction occurred on the same account several times during the week. The activity appeared at one branch office as cash deposits in dollar amounts under the reporting thresholds. Ms. Whitmire discusses this activity with the branch manager and determines that this same deposit activity occurred several times during the previous six weeks. She then conducts a more extensive examination of the account's activity for several months and discovers that cash deposits were made at one branch office and purchases of bank cashiers checks were made by withdrawals from the same account at a different branch office. All withdrawals and purchases of cashier's checks were for the identical amount as the cash deposits.Which statement best describes Ms. Whitmire's responsibility?

Fastfood, InC. , a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?

Banks must establish and maintain effective risk management and control processes over its DCCs and DSAs, including:

Of the following actions, which one is NOT recommended by the OCC's advisory letter as a necessary tool of management oversight of insurance and annuity sales?

Which of the following is NOT a factor considered by the Federal Reserve Board when it evaluates an application under Regulation Y?

Bob's wife is HIV-positive due to a blood transfusion during an appendectomy 15 years ago. She is not yet sick, but takes medication to prevent the onset of AIDS. Bob occasionally needs to take time off from work to take her for testing at Johns Hopkins in Baltimore. Because of complaints about Bob's exposure to this disease, employees have asked HR to limit his contact with them and with customers. The bank has asked Bob not to eat in the lunchroom with the other employees and has placed Bob in a position where he has limited customer contact. Does this company have any potential ADA liability?

In April Lillian Redmond, the teller supervisor for First National Bank, discovers five counterfeit $20 bills in several teller drawers. In May and in June she discovers two additional counterfeit $20 bills. She has no knowledge of criminal activity on the part of any of the bank's employees or customers. She does not suspect any particular person in this transaction. Which of the following statements is true?

A financial institution may provide a customer with a short form initial notice at the same time as it delivers an opt-notice. The short form notice must:

The following mentioned points are actually _______________. * Reserve Banks may rely on numbers given in a payment order to identify an intermediary or beneficiary bank * Reserve Banks, when acting as beneficiary's bank, may rely on the number in the payment order that identifies the beneficiary

Question 241

Which of the following transactions requires completion of FinCEN Form 104, a CTR?

Deposit of checks totaling $12,000 to a checking account

Cash purchase of a cashier's check for $7,800

Cash withdrawal of $3,000 from a checking account

Cashing of a $14,000 check for a customer

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Question 242

On which of the following loans must a bank maintain records under the Bank Secrecy Act?

All loans exceeding $5,000 and secured by real property

All loans exceeding $5,000, but not secured by real property

All loans exceeding $10,000 and secured by real property

All loans exceeding $10,000, but not secured by real property

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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?

File a SAR for $13,000

File a CTR for the $6,000 cash deposit

Aggregate the transactions and retain information about the purchase of the cashier's check

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

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Question 244

Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?

U.S. passport

Long-term deposit account relationship

State-issued photo identification (e.g., driver's license)

Photo identification card issued by a local government agency

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Question 245

Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

Government agencies

Correspondent banks

Payroll customers

Businesses whose stocks are traded on a national stock exchange

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Question 246

In which of the following circumstances is it LEAST appropriate for a bank to file a SAR regarding Internet activity?

Bank determines that one of its customers is the victim of identity theft

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)

Bank discovers that someone has hacked into its data system in order to obtain confidential customer data

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

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Question 247

When completing and filing a SAR, what is the bank NOT required to do?

Submit a copy of the supporting documentation with the SAR

Submit the SAR within 30 days of the initial detection of facts

Report the SAR information to the bank's board of directors

Maintain a copy of the SAR and supporting documentation for 5 years

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Question 248

What should a bank's Bank Secrecy Act compliance program include?

All lobby notice requirements

The one-year record retention requirements

Designation of individuals responsible for day-to-day compliance

A list of types of loans covered by the Act

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Question 249

A routine review of account records reveals that suspicious activity involving foreign currency has occurred in the account of one of the bank's directors. Which of the following actions should be taken FIRST?

A SAR should be fileD.

The bank's board of directors should discuss the account activity without the affected director being present.

The bank's president should meet with the affected director to discuss the account activity.

The bank should file a CTR, checking the box that indicates the report is for suspicious activity.

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Question 250

A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of $4,000. The compliance officer must determine compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?

M's date of birth

M's deposit account number

The serial numbers of the travelers' checks purchased

The name of the branch where the transaction occurred

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