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American Bankers Association Certified Regulatory Compliance Manager Exam

Certification Provider: American Bankers Association
Exam Name: Certified Regulatory Compliance Manager
Duration: 240 Minutes
Number of questions in our database: 463
Exam Version: Feb. 22, 2024
Exam Official Topics:
  • Topic 1: Review first line compliance monitoring results and develop an action plan as needed/ Coordinate and submit ongoing regulatory reports to auditors/examiners
  • Topic 2: Develop, conduct, and track enterprise-wide and/or job-specific compliance training/ Act as a compliance subject matter expert on projects and committees
  • Topic 3: Develop, implement, and monitor a plan of action to prevent future reporting errors or breakdowns/ Define the scope of a specific monitoring or testing activity
  • Topic 4: Complete requiredreporting, ensure timely submission to the appropriate agency, and resubmit when required/ Participate in conducting due diligence for vendors
  • Topic 5: Report on the status of regulatory changes and implementation to appropriate parties/ Validate that any required remediation was completed accurately and within required timelines
  • Topic 6: Assess regulatory guidance and compliance enforcement actions/ Design and maintain a comprehensive compliance risk assessment program
  • Topic 7: Identify and mitigate risk within the organization?s risk appetite/ Determine if remediation is required to address potential compliance impacts
  • Topic 8: Evaluate the reliability of systems of record and the validity/ Conduct periodic reviews of the compliance management program to evaluate its effectiveness
  • Topic 9: Provide compliance supportto internal and external parties/ Report on action plan status to appropriate levels of management and auditors/examiners
  • Topic 10: Establish and maintain a compliance management policy to set expectations for board/ Compliance Analysis and Internal/External Reporting

Free American Bankers Association Certified Regulatory Compliance Manager Exam Actual Questions

The questions for Certified Regulatory Compliance Manager were last updated On Feb. 22, 2024

Question #1

The manager of Main Street branch calls and relates the following information: John Smith purchased a cashier's check for $1,000 cash at 10:00 a.m. on Tuesday. At 11:30 a.m. Mr. Smith returned and purchased a cashier's check for $2,500 cash and deposited traveler's checks totaling $9,000 into his checking account. At 4:00 p.m. Mr. Smith returned and deposited $8,000 cash into his checking account. This deposit was after normal banking hours, so it was recorded as of Wednesday's business date. What action should the bank take?

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Correct Answer: D

Question #2

For which of the following is a bank most likely to be in danger of receiving a cease and desist order?

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Correct Answer: D

Question #3

The BSA officer has just been notified by the chief operations officer that, due to a glitch in the bank's OFAC interdiction software, wires have been regularly transmitted to a bank on the SDN list. Based on the OFAC Enforcement Guidance, what should the BSA Officer do FIRST to attempt to mitigate any penalties?

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Correct Answer: B

Question #4

What should a bank do when it receives a request from a customer to transfer funds to an individual in Iraq?

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Correct Answer: B

Question #5

The BSA officer has just been notified by the chief operations officer that, due to a glitch in the bank's OFAC interdiction software, wires have been regularly transmitted to a bank on the SDN list. Based on the OFAC Enforcement Guidance, what should the BSA Officer do FIRST to attempt to mitigate any penalties?

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Correct Answer: B


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