American Bankers Association CRCM Practice Questions| TestInsights

Question 1

A bank is conducting due diligence for a foreign correspondent bank account. Which of the following is NOT required information?

AThe identities of the correspondent bank's true ownership

BInformation on the government licenses of the correspondent bank

CCopies of the tax return of the correspondent bank

DInformation on the products and services the correspondent bank offers

Correct : C

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AThe identities of the correspondent bank's true ownership

BInformation on the government licenses of the correspondent bank

CCopies of the tax return of the correspondent bank

DInformation on the products and services the correspondent bank offers

Question 2

A routine review of account records reveals that suspicious activity involving foreign currency has occurred in the account of one of the bank's directors. Which of the following actions should be taken FIRST?

AA SAR should be filed.

BThe bank's board of directors should discuss the account activity without the affected director being present.

CThe bank's president should meet with the affected director to discuss the account activity.

DThe bank should file a CTR, checking the box that indicates the report is for suspicious activity.

Correct : A

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AA SAR should be filed.

BThe bank's board of directors should discuss the account activity without the affected director being present.

CThe bank's president should meet with the affected director to discuss the account activity.

DThe bank should file a CTR, checking the box that indicates the report is for suspicious activity.

Question 3

A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of $4,000. The compliance officer must determine compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?

AM's date of birth

BM's deposit account number

CThe serial numbers of the travelers' checks purchased

DThe name of the branch where the transaction occurred

Correct : C

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AM's date of birth

BM's deposit account number

CThe serial numbers of the travelers' checks purchased

DThe name of the branch where the transaction occurred

Question 4

When all the required information is NOT provided by a person purchasing a cashier's check with $8,000 in currency, what should the bank do?

ARefuse the transaction

BComplete the transaction and record available information

CComplete the transaction and file a SAR

DComplete the transaction and insist that the customer return with the required information

Correct : A

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ARefuse the transaction

BComplete the transaction and record available information

CComplete the transaction and file a SAR

DComplete the transaction and insist that the customer return with the required information

Question 5

What should a bank do when it receives a request from a customer to transfer funds to an individual in Iraq?

AConduct the transfer as requested

BConduct the transfer if the individual and the financial institution are not on the SDN list

CBlock the transfer

DConduct the transfer and then notify OFAC immediately

Correct : B

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AConduct the transfer as requested

BConduct the transfer if the individual and the financial institution are not on the SDN list

CBlock the transfer

DConduct the transfer and then notify OFAC immediately

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