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CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) Questions 228–230 (page: 137)

James Walker DBA Walker Enterprises has been a customer of the bank for one month. The company told the bank that it would regularly make deposits in excess of $10,000 because it operates several laundromats in the city. The bank performed a background check on the company before opening the account.
For its first 30 days, the company made 12 large cash deposits. Can the bank exempt this company now? Why or why not?

First National Bank has several exempt customers. · Alpha is an exempt person because its stock is listed on a major stock exchange. · Beta is an exempt person because it meets the nonlisted customer requirements. · Zeta is exempt because it is a payroll customer. For which customer(s) must the bank conduct an annual review to determine its continuing eligibility to be exempt from CTR filings?

First National Bank has several exempt customers. · Alpha is an exempt person because its stock is listed on a major stock exchange. · Beta is an exempt person because it meets the nonlisted customer requirements. · Zeta is exempt because it is a payroll customer. For which customer(s) must the bank conduct an annual review to determine its continuing eligibility to be exempt from CTR filings?

First National Bank has several exempt customers. · Alpha is an exempt person because its stock is listed on a major stock exchange. · Beta is an exempt person because it meets the nonlisted customer requirements. · Zeta is exempt because it is a payroll customer. For which customer(s) must the bank conduct an annual review to determine its continuing eligibility to be exempt from CTR filings?

Mrs. Evans, a customer of First National Bank, deposits $15,000 in cash to her account. During the transaction, Mrs. Evans explains that she received the money in the mail from her sister in Europe. What responsibility does the bank have?