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ABA CRCM Practice Test - Questions Answers, Page 43

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Question 421

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Records that must be retained for deposit accounts include which of the following?

Question 422

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Mammoth Enterprises is a new customer to the bank. It is a wholly owned subsidiary of Mammoth Corporation. Which of the following statements, if true, would make Mammoth Enterprises an exempt custom

Question 423

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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 $

Question 424

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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 an

Question 425

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

Question 426

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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 427

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

Question 428

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

Question 429

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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 430

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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:

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:

What insurance disclosures are required in the lease disclosure statement?

The compliance program should address plans to verify adherence to applicable regulations through:

A compliance officer receives a call from a loan officer who asks for adv ice on what she should do with a stock certificate (1,437 shares of IBM) from a new loan customer who wants to pledge it in support of a loan that has been approved at your bank. What should the compliance officer tell her FIRST?

Question 421

Records that must be retained for deposit accounts include which of the following?

Average daily balance

Overdraft history

All amounts of currency deposited or withdrawn

Customer's TIN

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Mammoth Enterprises is a new customer to the bank. It is a wholly owned subsidiary of Mammoth Corporation. Which of the following statements, if true, would make Mammoth Enterprises an exempt customer at the bank?

Mammoth Corporation is a London corporation, trading on the London Stock Exchange.

Mammoth Corporation is a U.S. corporation with unlisted stock.

Mammoth Corporation is a U.S. corporation trading on the American Stock Exchange.

Mammoth Enterprises is a U.S. corporation primarily in the investment banking business.

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Question 423

Ms. Redmond must report the counterfeit funds on a SAR and must name the most likely individual(s) on the report.

Ms. Redmond must report the counterfeit funds on a SAR but is not required to name any individual(s) on the report.

Ms. Redmond need not file a SAR on this incident because the total amount is less than $25,000.

Ms. Redmond need not report this incident on a SAR because each incident is less than $5,000.

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Question 424

Complete a CTR for each of the cash activities at the branch office

Make no report of the activities because the transactions were not discovered until after the 15-day reporting deadline

Report the account activity to senior management for further review

Report the account activity as suspicious account activity and recommend that a SAR be filed

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Question 425

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 426

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 427

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 428

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 429

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 430

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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