American Bankers Association Exam CRCM Topic 4 Question 18 Discussion

Actual exam question for American Bankers Association's Certified Regulatory Compliance Manager exam

Question #: 18
Topic #: 4

[All Certified Regulatory Compliance Manager Questions]

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?

ANo. It is a not a corporation, but a sole proprietorship.

BNo. It has not maintained an account at the bank for 12 months.

CNo. It operates an ineligible business.

DYes. The bank conducted due diligence on the customer to determine that it had legitimate large cash transactions.

Show Suggested Answer

Suggested Answer: D

by Virgina at May 07, 2022, 05:00 AM

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