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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?
Suggested Answer: D
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8 comments · newest first
SH
Shizue
11 months ago
Seems odd that they’d exempt it after just one month!
DE
Delsie
12 months ago
Yeah, they should stick to the 12-month rule.
SH
Shelton
12 months ago
Wait, can they really exempt a sole proprietorship?
LO
Louvenia
12 months ago
Definitely not a corporation, so that matters!
MA
Maile
1 year ago
I think they need to wait a full year before any exemptions.
DA
Dahlia
1 year ago
Okay, let's see. The Directive applies to government institutions, so the exception must be something outside of that. The Cabinet seems like the most likely answer since it's not a typical government institution.
CO
Coletta
1 year ago
Hmm, I'm a bit unsure about this one. I'll need to think it through and try to eliminate the options that don't seem quite right.
RE
Ressie
1 year ago
This seems pretty straightforward. I think the key is to focus on the Fibre Channel Protocol and the NetApp ONTAP storage system requirements.