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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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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 227 - CRCM discussion

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First National Bank is attempting to determine which of the following customers would qualify as exempt persons:

* Nationwide Foods, Inc , is a national company with stock listed on the New York Stock Exchange

* National Paper Products, is a wholly owned subsidiary of Nationwide Foods, Inc

* Products Incorporated, a depositor for three months, is a regional company whose stock is designated a NASDAQ Capital Markets Company and that sells and leases large boats

* Century Enterprises, a local company owning several local restaurants, is a longtime bank customer and frequently makes deposits in excess of $10,000. All of Century's stock is owned by a local family. Which of these customers would qualify as an exempt person?

A.
All except for Nationwide Foods, Inc
Answers
A.
All except for Nationwide Foods, Inc
B.
All except for National Paper Products
Answers
B.
All except for National Paper Products
C.
All except for Century Enterprises
Answers
C.
All except for Century Enterprises
D.
All except for Products Incorporated
Answers
D.
All except for Products Incorporated
Suggested answer: D
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asked 16/09/2024
Archana Pingily
34 questions
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