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American Bankers Association CRCM Exam - Topic 6 Question 10 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 10
Topic #: 6

[All CRCM Questions]

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

ADeposit of checks totaling $12,000 to a checking account

BCash purchase of a cashier's check for $7,800

CCash withdrawal of $3,000 from a checking account

DCashing of a $14,000 check for a customer

Show Suggested Answer

Suggested Answer: D

by Martina at May 06, 2022, 03:53 AM

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Cathern

8 months ago

B is under the limit, so it doesn't count.

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Bernadine

8 months ago

Wait, are you sure about that? Seems high for just cashing a check.

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Sol

8 months ago

I thought it was only for cash deposits, not checks.

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Tonette

8 months ago

Definitely D! Cashing a $14,000 check is a big deal.

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Glory

8 months ago

A CTR is needed for cash transactions over $10,000.

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Reita

9 months ago

I feel like D is definitely a candidate since it’s cashing a check for a large amount. But I’m not sure about A either.

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Coral

9 months ago

I’m a bit confused about the thresholds. I thought cash withdrawals under $10,000 didn’t require a CTR, so maybe it’s not C?

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Sanda

9 months ago

I remember practicing a question similar to this, and I think cash transactions are the key. So, I’m leaning towards B or D.

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Tawna

9 months ago

I think the CTR is needed for transactions over $10,000, so maybe A or D? I'm not completely sure.

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Beckie

9 months ago

Ah, I see. So the final output will be the updated list with the 10.0 added to each element. Looks like the answer is A.

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Mindy

9 months ago

Option C, conducting a Privacy Impact Assessment, seems like the most comprehensive approach here. With all the compliance concerns and potential data breaches mentioned, Penny needs to take a deep dive into the company's privacy practices to identify risks and develop a solid action plan.

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Matt

9 months ago

I definitely remember practicing a question where marginal costing was linked to short-term pricing. I think option E is correct.

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Elke

10 months ago

Hmm, let me think this through. I know Validate checks the email content, but I'm not sure if it covers grammar and spelling. I'll have to double-check the options to be sure.

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