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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 18 )

Updated On: 12-Jan-2026
Page 18 of 276
PDF with 463 Questions

The manager of Main Street branch calls and relates the following information: John Smith purchased a cashier's check for $1,000 cash at 10:00 a.m. on Tuesday. At 11:30

  1. m. Mr. Smith returned and purchased a cashier's check for $2,500 cash and deposited traveler's checks totaling $9,000 into his checking account. At 4:00 p.m. Mr. Smith returned and deposited $8,000 cash into his checking account. This deposit was after normal banking hours, so it was recorded as of Wednesday's business date. What action should the bank take?
  2. None, because no single cash transaction exceeded $10,000
  3. File a Currency Transaction Report (CTR) for $11,500
  4. Record the $1,000, $2,500, and $9,000 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold
  5. Record the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

Answer(s): D



For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?

  1. Two years
  2. Three years
  3. Five years D.
    Seven years

Answer(s): C



When conducting a records search pursuant to a FinCEN request, what must a bank search?

  1. All customer records from the previous five years
  2. All accounts maintained within the previous 12 months and transaction records for 6 months
  3. Only records that can be electronically searched
  4. Nothing; searches are voluntary

Answer(s): B



Which of the following comes under the heading of nontraditional mortgage product risks?

  1. Reduced documentation adds risk to a mortgage loan.Institutions may rely on reduced documentation in the credit underwriting process.Income and credit verification may not be obtained.Use of reduced documentation should be subject to clear policies that require more documentation when the credit risk rises
  2. Reduced documentation adds risk to a mortgage loan.Institutions may rely on reduced documentation in the credit underwriting process.Income and credit verification may not be obtained.Use of reduced documentation should be subject to clear policies that require more documentation when the credit risk rises
  3. Perform due diligence before entering into third-party relationships, including a review of the third party's
    General competence
    Business practices and operations
    Reputation
    Financial capacity
    Internal controls
    Record of compliance with laws
  4. Amounts credited as recovery on a loan must not exceed all principal, finance charges, and fees previously charged off. Amounts that exceed these must be credited as income

Answer(s): A,B



In Guidance on Nontraditional Mortgage Product Risks, if the institution has a concentration in a nontraditional mortgage portfolio, the institution should:

  1. Have well-developed monitoring systems and risk management practices
  2. Monitor by originator and key borrower and portfolio characteristics
  3. Not understand the risk of payment shock and negative amortization
  4. A and B

Answer(s): D



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