CRCM Practice Questions

Debt collectors acquiring location information from a third party:

Which of the following is NOT considered an acceptable form of identification for an individual when completing a CTR?

First National Bank has several exempt customers. • Alpha is an exempt person because its stock is listed on a major stock exchange. • Beta is an exempt person because it meets the nonlisted customer requirements. • Zeta is exempt because it is a payroll customer. For which customer(s) must the bank conduct an annual review to determine its continuing eligibility to be exempt from CTR filings?

In the small bank performance standard, which of the following is NOT a criterion?

Which of the following types of security devices is required for each bank, at minimum, under the Bank Protection Act?

In a compliance program, tactical compliance procedures should be integrated into business line procedures, such as how to deliver an Adverse Action Notice when an application is declined. In this case:

Debt collector may not abuse or harass the consumer by:

For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?

There is no established template for documenting compliance risk. Each institution should develop a risk assessment that fits its risk profile. The components that are commonly used throughout the industry are as follows EXCEPT:

On March 1, First National Bank opened three accounts: 1) a savings account for Margaret Nelson, who did not have a TIN but signed a certification that she had applied for one; 2) a money market savings account for Linda Miller, who could not remember her TIN but promised to provide it at the earliest possible date; and 3) a certificate of deposit for John Whiteside, who completed a Form W-9 but provided a TIN with only eight numbers. Ms. Nelson provided her newly acquired TIN to the bank on April 15, Ms. Miller provided her TIN on April 5, and Mr. Whiteside provided his TIN to the bank on March 10. Interest was paid on all of these accounts on March 31, and the bank withheld 28 percent of the interest payments. On April 20 all the payees requested that the withheld interest be refunded. What should the bank do?