Exam CRCM topic 1 question 225 discussion

The correct answer is C. Al Williams Seafood Restaurant. Under the Bank Secrecy Act (BSA), businesses that typically qualify for exemptions from certain reporting requirements (such as currency transaction report filings) are those that operate outside of the financial sector and do not fall into categories associated with a high risk for money laundering or other financial crimes. Among the options provided, a restaurant, such as Al Williams Seafood Restaurant, is the type of business most likely to be eligible for an exempt status because it is not engaged in financial services, nor does it typically deal in large cash transactions associated with the other businesses mentioned, which might be considered higher risk under the BSA.