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Banking CRCM Exam
CERTIFIED REGULATORY COMPLIANCE MANAGER (CRCM) (Page 48 )

Updated On: 11-Jan-2026
Page 48 of 276
PDF with 463 Questions

Which of the following transactions requires completion of FinCEN Form 104, a CTR?

  1. Deposit of checks totaling $12,000 to a checking account
  2. Cash purchase of a cashier's check for $7,800
  3. Cash withdrawal of $3,000 from a checking account
  4. Cashing of a $14,000 check for a customer

Answer(s): D



A bank is conducting due diligence for a foreign correspondent bank account. Which of the following is NOT required information?

  1. The identities of the correspondent bank's true ownership
  2. Information on the government licenses of the correspondent bank
  3. Copies of the tax return of the correspondent bank
  4. Information on the products and services the correspondent bank offers

Answer(s): C



State National Bank is a $250 million community bank. It makes a variety of consumer and commercial loans, regularly transmits funds via wire transfers for its customers, and issues commercial and stand-by letters of credit. Which of the following transactions can State National make without checking the OFAC SDN list and without incurring liability?

  1. Send a wire transfer via its correspondent bank in New York for a commercial customer.
  2. Sell a cashier's check payable to a third party.
  3. Cash an on-us check over-the-counter for a noncustomer.
  4. None. The bank can be liable for all.

Answer(s): D



FA presents cash to the bank and seeks to wire it to his spouse, RA, in CubA. The OFAC list identifies RA as a specially designated national. Under OFAC Regulations, what should the bank do?

  1. Block the transfer
  2. Conduct the transfer as requested and take no further action
  3. Conduct the transfer as requested and notify OFAC immediately
  4. Conduct the transfer only if the bank determines that Cuba is not a blocked country

Answer(s): A



Your institution has identified a transaction by an existing depositor that should be blocked under OFAC requirements. The branch manager contacts you for specific instructions. Before reporting the transaction to OFAC, what should the bank do?

  1. Reject the transaction
  2. Process the transaction
  3. Close the customer's account
  4. Place the funds in an interest-bearing account

Answer(s): D



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