American Bankers Association CRCM Exam Practice Test Instant Access

Question 1

An individual comes into the bank and makes a $6,000 cash deposit into a checking account. At the same time, the individual buys a $7,000 cashier's check with cash. According to the Bank Secrecy Act, what is the bank is required to do?

AFile a SAR for $13,000

BFile a CTR for the $6,000 cash deposit

CAggregate the transactions and retain information about the purchase of the cashier's check

DObtain the recordkeeping information for the purchase of the cashier's check and complete a CTR for the total cash-in transaction of $13,000

Answer : D

Question 2

Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?

AU.S. passport

BLong-term deposit account relationship

CState-issued photo identification (e.g., driver's license)

DPhoto identification card issued by a local government agency

Answer : B

Question 3

Which of the following customers may be exempted under Phase II of the Bank Secrecy Act?

AGovernment agencies

BCorrespondent banks

CPayroll customers

DBusinesses whose stocks are traded on a national stock exchange

Answer : C

Question 4

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

ABank determines that one of its customers is the victim of identity theft

BBank 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)

CBank discovers that someone has hacked into its data system in order to obtain confidential customer data

DBank 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

Answer : D

Question 5

When completing and filing a SAR, what is the bank NOT required to do?

ASubmit a copy of the supporting documentation with the SAR

BSubmit the SAR within 30 days of the initial detection of facts

CReport the SAR information to the bank's board of directors

DMaintain a copy of the SAR and supporting documentation for 5 years

Answer : A

Please Wait...

American Bankers Association Certified Regulatory Compliance Manager Exam Practice Test

Question 1

Question 2

Question 3

Question 4

Question 5

Please Wait...

Popular Vendors

American Bankers Association Certified Regulatory Compliance Manager Exam Practice Test

Question 1

Question 2

Question 3

Question 4

Question 5