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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:
Of the following actions, which one is NOT recommended by the OCC's advisory letter as a necessary tool of management oversight of insurance and annuity sales?
Which of the following is NOT a factor considered by the Federal Reserve Board when it evaluates an application under Regulation Y?
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:
The following mentioned points are actually _______________. * Reserve Banks may rely on numbers given in a payment order to identify an intermediary or beneficiary bank * Reserve Banks, when acting as beneficiary's bank, may rely on the number in the payment order that identifies the beneficiary

Question 246 - CRCM discussion

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In which of the following circumstances is it LEAST appropriate for a bank to file a SAR regarding Internet activity?

A.
Bank determines that one of its customers is the victim of identity theft
Answers
A.
Bank determines that one of its customers is the victim of identity theft
B.
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)
Answers
B.
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)
C.
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
Answers
C.
Bank discovers that someone has hacked into its data system in order to obtain confidential customer data
D.
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
Answers
D.
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
Suggested answer: D
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asked 16/09/2024
Juan Yontz
46 questions
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