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ABA CRCM Practice Test - Questions Answers, Page 35

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Country A (a foreign country that is boycotting Country B, another foreign country) has ordered goods from ABC, a U.S. corporation. Country A has opened a letter of credit with Overseas, Inc. , a foreign bank. The letter of credit specifies that ABC must certify that it does not do business with Country B. Overseas, InC. , sends a telegram to First National Bank, a U.S. bank, stating the major terms and conditions of the letter of credit and asking First National Bank to confirm the letter of credit. The telegram does not state the boycott provisions. Overseas mails the letter of credit to First National Bank and asks First National Bank to confirm it. What may First National Bank do?
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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?

Question 341

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When may an automatically renewable time deposit account be considered for inclusion in the unclaimed property report?

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Question 342

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Which state receives the reporting and escheatment of unclaimed property?

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Question 343

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What are holders of unclaimed property required to do?

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Question 344

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Which of the following institutions is exempt from the coverage of CRA?

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Question 345

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Which of the following is NOT a requirement of CRA?

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Question 346

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ABC National Bank, an independent bank with $120 million in total assets located in a large urban area, is in the process of determining its option for its CRA evaluation. Which of the following options is NOT open to ABC Bank?

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Question 347

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QRS State Bank is being examined under the lending test. Which of the following is the most relevant criteria for the lending test?

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Question 348

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Which of the following institutions could be examined for CRA under the small intermediate bank performance standard?

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Question 349

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In the small bank performance standard, which of the following is NOT a criterion?

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Question 350

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Which of the following is true of a bank's CRA strategic plan?

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Total 463 questions
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