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Free CRCM Exam Braindumps (page: 170)

Page 169 of 344
PDF with 463 Questions

First National Bank is attempting to determine which of the following customers would qualify as exempt persons:
· Nationwide Foods, Inc , is a national company with stock listed on the New York Stock Exchange
· National Paper Products, is a wholly owned subsidiary of Nationwide Foods, Inc · Products Incorporated, a depositor for three months, is a regional company whose stock is designated a NASDAQ Capital Markets Company and that sells and leases large boats
· Century Enterprises, a local company owning several local restaurants, is a long- time bank customer and frequently makes deposits in excess of $10,000. All of Century's stock is owned by a local family. Which of these customers would qualify as an exempt person?

  1. All except for Nationwide Foods, Inc
  2. All except for National Paper Products
  3. All except for Century Enterprises
  4. All except for Products Incorporated

Answer(s): D



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?

  1. No. It is a not a corporation, but a sole proprietorship.
  2. No. It has not maintained an account at the bank for 12 months.
  3. No. It operates an ineligible business.
  4. Yes. The bank conducted due diligence on the customer to determine that it had legitimate large cash transactions.

Answer(s): D



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?

  1. No. It is a not a corporation, but a sole proprietorship.
  2. No. It has not maintained an account at the bank for 12 months.
  3. No. It operates an ineligible business.
  4. Yes. The bank conducted due diligence on the customer to determine that it had legitimate large cash transactions.

Answer(s): D



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?

  1. No. It is a not a corporation, but a sole proprietorship.
  2. No. It has not maintained an account at the bank for 12 months.
  3. No. It operates an ineligible business.
  4. Yes. The bank conducted due diligence on the customer to determine that it had legitimate large cash transactions.

Answer(s): D






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