Home / ABA / CRCM

ABA CRCM Practice Test - Questions Answers, Page 45

Question list

List of questions

Question 441

(0)

The BSA officer has just been notified by the chief operations officer that, due to a glitch in the bank's OFAC interdiction software, wires have been regularly transmitted to a bank on the SDN list

Question 442

(0)

Bob Jones, president of ACME bank, has had a banking relationship with Linda O'Reilly, a local real estate agent for several years. Ms. O'Reilly keeps most of her deposit accounts with ACME and also

Question 443

(0)

Which of the following is an accurate statement according to the requirements of the customer identification program regulations?

Question 444

(0)

When conducting a records search pursuant to a FinCEN request, what must a bank search?

Question 445

(0)

A bank is conducting due diligence for a foreign correspondent bank account. Which of the following is NOT required information?

Question 446

(0)

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

Question 447

(0)

When is it permissible for a bank that is a government securities broker or dealer to refrain from filing a Form G-FIN-5 or a Form MSD-5 when an employee terminates the associated person status?

Question 448

(0)

When is it possible for a bank to be exempted from compliance with some of the Government Securities Act custodial regulations?

Question 449

(0)

Under what circumstances will a G-FINW (a withdrawal as a government securities dealer) become effective in less than 60 days?

Question 450

(0)

Which of the following actions is NOT a custodial requirement of the Government Securities Act?

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 441

The BSA officer has just been notified by the chief operations officer that, due to a glitch in the bank's OFAC interdiction software, wires have been regularly transmitted to a bank on the SDN list. Based on the OFAC Enforcement Guidance, what should the BSA Officer do FIRST to attempt to mitigate any penalties?

Review the OFAC wire policies and procedures to determine how the errors occurred

Stop and hold all wires to the bank on the SDN list

Investigate the customer who sends these wires

Self-report the activity to OFAC

Show Answer Comment (0)

Question 442

Bob Jones, president of ACME bank, has had a banking relationship with Linda O'Reilly, a local real estate agent for several years. Ms. O'Reilly keeps most of her deposit accounts with ACME and also has had several personal loans there. Over a three-month time period, Ms. O'Reilly consistently (two or three times a week) brings to the bank a series of money orders in amounts ranging from $7,000 to $15,000, made payable to her in denominations of $1,000, and asks the teller to take them and issue one cashier's check payable to her. After this activity has continued for three months, Mr. Jones notices the frequency of cashier's checks issued to Ms. O'Reilly on a management report. It catches his attention because he does not know why Ms. O'Reilly would need this number of cashier's checks. On inquiry, the head teller explains the weekly transactions. Which of the following statements best describes Mr. Jones's responsibility?

He should immediately file a SAR. There is no logical explanation for this activity.

He should immediately file a CTR. Ms. O'Reilly is trying to evade the BSA currency transaction.

He should ask Ms. O'Reilly why she is conducting these transactions and then determine whether to file a SAR.

He is not required to do anything. Mr. Jones is well acquainted with this customer, and it is not illegal to purchase cashier's checks.

Show Answer Comment (0)

Question 443

Which of the following is an accurate statement according to the requirements of the customer identification program regulations?

A bank must always require documentary verification of a customer's identification

A bank may waive any part of the CIP requirements if senior management approves the waiver and there is a good cause

A physical address or a post office box is acceptable for any new customer

The bank's CIP program must enable it to form a reasonable belief about the identity of the person

Show Answer Comment (0)

Question 444

When conducting a records search pursuant to a FinCEN request, what must a bank search?

All customer records from the previous five years

All accounts maintained within the previous 12 months and transaction records for 6 months

Only records that can be electronically searched

Nothing; searches are voluntary

Show Answer Comment (0)

Question 445

A bank is conducting due diligence for a foreign correspondent bank account. Which of the following is NOT required information?

The identities of the correspondent bank's true ownership

Information on the government licenses of the correspondent bank

Copies of the tax return of the correspondent bank

Information on the products and services the correspondent bank offers

Show Answer Comment (0)

Question 446

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

Show Answer Comment (0)

Question 447

When is it permissible for a bank that is a government securities broker or dealer to refrain from filing a Form G-FIN-5 or a Form MSD-5 when an employee terminates the associated person status?

When the employee files the form

When the bank does not have all the necessary information and notifies its regulatory agency

When the employee's status is reinstated within six months

When the employee remains employed by the bank and the bank notifies its regulatory agency

Show Answer Comment (0)

Question 448

When is it possible for a bank to be exempted from compliance with some of the Government Securities Act custodial regulations?

When the bank maintains its securities in the ordinary course of business

When the bank has procedures in place to make sure it complies with the custodial regulations of its federal regulatory agency

When the bank does not hold itself out as a government securities broker or dealer

When the bank uses more than the normal standard of care when maintaining possession and control of securities

Show Answer Comment (0)

Question 449

Under what circumstances will a G-FINW (a withdrawal as a government securities dealer) become effective in less than 60 days?

If the bank requests a shorter time period

If the regulatory agency determines that a shorter time period would be appropriate

If the bank ceases doing business as a securities dealer

If the bank has no employees that qualify as associated persons

Show Answer Comment (0)

Question 450

Which of the following actions is NOT a custodial requirement of the Government Securities Act?

Keeping possessory government securities in a vault with dual control access

Segregating government securities from bank assets

Keeping government securities free of liens, claims, and charges.

Issuing safekeeping receipts for securities

Show Answer Comment (0)

Total 463 questions

43 44 45 46 47

Go to page: of 47