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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
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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?
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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 $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?
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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 8 - CRCM discussion

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First National Bank made the following loans to Mr. James Wilson during the previous calendar year:

* Loan A, made on February 2, is a loan for purchasing margin stock and is secured by margin stock

* Loan B, made on March 15, is also for purchasing margin stock and is secured by margin stock

* Loan C, made on June 30, is an unsecured loan for purchasing margin stock

* Loan D, made on September 10, is for purchasing a car, secured by the car

All the loans are still outstanding at the end of the year. Which of the loans must be combined for purposes of the margin requirements of Regulation U?

A.
All of the loans must be combined
Answers
A.
All of the loans must be combined
B.
Loans A and B
Answers
B.
Loans A and B
C.
None of the loans must be combined
Answers
C.
None of the loans must be combined
D.
Loans A, B, and C
Answers
D.
Loans A, B, and C
Suggested answer: D
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asked 16/09/2024
jateen chibabhai
41 questions
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