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American Bankers Association Exam CRCM Topic 9 Question 19 Discussion

Actual exam question for American Bankers Association's Certified Regulatory Compliance Manager exam
Question #: 19
Topic #: 9
[All Certified Regulatory Compliance Manager Questions]

First National Bank is attempting to determine which of the following customers would qualify as exempt persons:

* Nationwide Foods, Inc., is a national company with stock listed on the New York Stock Exchange

* National Paper Products, is a wholly owned subsidiary of Nationwide Foods, Inc.

* Products Incorporated, a depositor for three months, is a regional company whose stock is designated a NASDAQ Capital Markets Company and that sells and leases large boats

* Century Enterprises, a local company owning several local restaurants, is a long-time bank customer and frequently makes deposits in excess of $10,000. All of Century's stock is owned by a local family.Which of these customers would qualify as an exempt person?

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Suggested Answer: D


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