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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 46 )

Updated On: 11-Jan-2026
Page 46 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



What should a bank's Bank Secrecy Act compliance program include?

  1. All lobby notice requirements
  2. The one-year record retention requirements
  3. Designation of individuals responsible for day-to-day compliance
  4. A list of types of loans covered by the Act

Answer(s): C



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

  1. Submit a copy of the supporting documentation with the SAR
  2. Submit the SAR within 30 days of the initial detection of facts
  3. Report the SAR information to the bank's board of directors
  4. Maintain a copy of the SAR and supporting documentation for 5 years

Answer(s): A



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