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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 10 )

Updated On: 12-Jan-2026
Page 10 of 276
PDF with 463 Questions

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?

  1. Refuse the transaction
  2. Complete the transaction and record available information
  3. Complete the transaction and file a SAR
  4. Complete the transaction and insist that the customer return with the required information

Answer(s): A



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?

  1. M's date of birth
  2. M's deposit account number
  3. The serial numbers of the travelers' checks purchased
  4. The name of the branch where the transaction occurred

Answer(s): C



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?

  1. A SAR should be filed.
  2. The bank's board of directors should discuss the account activity without the affected director being present.
  3. The bank's president should meet with the affected director to discuss the account activity.
  4. The bank should file a CTR, checking the box that indicates the report is for suspicious activity.

Answer(s): A



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?

  1. Because the restaurant is an established depositor, the bank should provide an unlimited exemption for cash deposits and withdrawals.
  2. The bank should look in the newspaper or on the Internet to determine if Fastfood, Inc.'s, stock appears on one of the listed exchanges.
  3. The bank should ask the company if it qualifies as a listed business.
  4. The bank should perform a corporate records check to determine if the company is chartered in the United States.

Answer(s): B



Which of the following businesses would be eligible to be an exempt person under the requirements of the Bank Secrecy Act?

  1. Jackson's Used Cars
  2. Evanston Recreational Boats
  3. Al Williams Seafood Restaurant
  4. Goldsmith Aircraft Distributors

Answer(s): C



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