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American Bankers Association CRCM Exam - Topic 8 Question 39 Discussion

Fastfood, Inc., a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?
B) The bank should look in the newspaper or on the Internet to determine if Fastfood, Inc.'s, stock appears on one of the listed exchanges.
A) Because the restaurant is an established depositor, the bank should provide an unlimited exemption for cash deposits and withdrawals.
C) The bank should ask the company if it qualifies as a listed business.
D) The bank should perform a corporate records check to determine if the company is chartered in the United States.

American Bankers Association CRCM Exam - Topic 8 Question 39 Discussion

Actual exam question for American Bankers Association's CRCM exam
Question #: 39
Topic #: 8
[All CRCM Questions]

Fastfood, Inc., a nationwide restaurant chain, opened an account at First National Bank last year. Fastfood is making daily deposits in amounts of $15,000 to $20,000. First National needs to determine if this company is an exempt person. What should the bank do first?

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Suggested Answer: B

by Loren at May 05, 2022, 09:39 PM

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Marilynn
8 months ago
D makes the most sense, but I wonder how long that takes.
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Jess
9 months ago
B is a good idea, but what if they’re not listed?
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Julio
9 months ago
Wait, can they just ask the company? Seems too easy.
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Carin
9 months ago
Definitely not A, that sounds risky!
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Bobbie
9 months ago
I think they should check the corporate records first.
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Gerald
9 months ago
This looks like a straightforward question about the features of Managed Deployments. I'm confident I can identify the three correct options.
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Marleen
10 months ago
Okay, I think I've got this. The key is finding ways to facilitate collaboration and communication despite the team not being co-located. Option A looks like the best choice to me.
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Britt
10 months ago
This seems like a straightforward question about the capabilities of content moderation. I'll need to think carefully about which scenarios would be the most suited.
upvoted 0 times
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