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American Bankers Association CRCM Exam - Topic 3 Question 13 Discussion

Which of the following is an accurate statement according to the requirements of the customer identification program regulations?
D) The bank's CIP program must enable it to form a reasonable belief about the identity of the person
A) A bank must always require documentary verification of a customer's identification
B) A bank may waive any part of the CIP requirements if senior management approves the waiver and there is a good cause
C) A physical address or a post office box is acceptable for any new customer

American Bankers Association CRCM Exam - Topic 3 Question 13 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 13
Topic #: 3
[All CRCM Questions]

Which of the following is an accurate statement according to the requirements of the customer identification program regulations?

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Suggested Answer: D

by Sabra at May 06, 2022, 07:00 AM

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Claribel
8 months ago
The bank's CIP must ensure they know who they're dealing with, for sure.
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Nelida
9 months ago
Wait, can they really just waive those requirements? Sounds risky!
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Amie
9 months ago
Actually, I think documentary verification is mandatory in most cases.
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Jerry
9 months ago
I totally agree, that makes sense!
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Tarra
9 months ago
A bank can waive CIP requirements with management approval.
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Ty
9 months ago
I'm a little confused on this one. Is the SSL extension involved in the digital signature process, or is that a separate security mechanism? I'll need to review my notes on public key cryptography before answering.
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Levi
9 months ago
Ah, I see. The Scrum of Scrums is the mechanism that allows Scrum to be scaled up for larger projects. That makes sense now.
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Jarvis
10 months ago
I feel like we discussed needing a minimum number of secure MAC addresses, which might relate to option D, but I can't recall all the details.
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Katie
10 months ago
Hmm, I'm a bit unsure about the difference between the "Remote GSLB service" and the "Local GSLB service" mentioned in the options. I'll need to review that concept before deciding.
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