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Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?
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Question 459 - CRCM discussion

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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?

A.
Retain a copy of the certificate in the loan file
Answers
A.
Retain a copy of the certificate in the loan file
B.
Retain the original certificate in the branch vault for the term of the loan
Answers
B.
Retain the original certificate in the branch vault for the term of the loan
C.
Record the certificate information and give the original back to the customer
Answers
C.
Record the certificate information and give the original back to the customer
D.
Contact the SIC to determine if the certificate was reported as lost, counterfeit, or stolen
Answers
D.
Contact the SIC to determine if the certificate was reported as lost, counterfeit, or stolen
Suggested answer: D
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asked 16/09/2024
Jeremiah Hutchins
45 questions
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