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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?

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Question 242

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

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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, what is the bank is required to do?

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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?

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Question 245

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

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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?

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Question 247

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

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Question 248

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

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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 taken FIRST?

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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 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?

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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?