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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
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What insurance disclosures are required in the lease disclosure statement?

Question 320 - CRCM discussion

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On March 1, First National Bank opened three accounts:

1) a savings account for Margaret Nelson, who did not have a TIN but signed a certification that she had applied for one;

2) a money market savings account for Linda Miller, who could not remember her TIN but promised to provide it at the earliest possible date; and

3) a certificate of deposit for John Whiteside, who completed a Form W-9 but provided a TIN with only eight numbers. Ms. Nelson provided her newly acquired TIN to the bank on April 15, Ms. Miller provided her TIN on April 5, and Mr. Whiteside provided his TIN to the bank on March 10. Interest was paid on all of these accounts on March 31, and the bank withheld 28 percent of the interest payments. On April 20 all the payees requested that the withheld interest be refunded. What should the bank do?

A.
Refund the withheld interest to all payees
Answers
A.
Refund the withheld interest to all payees
B.
Refund to Ms. Nelson and Mr. Whiteside because the interest was erroneously withheld
Answers
B.
Refund to Ms. Nelson and Mr. Whiteside because the interest was erroneously withheld
C.
Refund only to Mr. Whiteside because the interest was erroneously withheld
Answers
C.
Refund only to Mr. Whiteside because the interest was erroneously withheld
D.
Refund only to Ms. Nelson because the interest was erroneously withheld
Answers
D.
Refund only to Ms. Nelson because the interest was erroneously withheld
Suggested answer: B
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asked 16/09/2024
Vladimir Kiseliov
37 questions
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