American Bankers Association Exam CRCM Topic 8 Question 39 Discussion

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

Question #: 39
Topic #: 8

[All Certified Regulatory Compliance Manager 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?

ABecause the restaurant is an established depositor, the bank should provide an unlimited exemption for cash deposits and withdrawals.

BThe bank should look in the newspaper or on the Internet to determine if Fastfood, Inc.'s, stock appears on one of the listed exchanges.

CThe bank should ask the company if it qualifies as a listed business.

DThe bank should perform a corporate records check to determine if the company is chartered in the United States.

Show Suggested Answer

Suggested Answer: B

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

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