Exam CRCM topic 1 question 226 discussion

Actual exam question from ABA's CRCM

Question #: 226
Topic #: 1

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?

A. Because the restaurant is an established depositor, the bank should provide an unlimited exemption for cash deposits and withdrawals.
B. The bank should look in the newspaper or on the Internet to determine if Fastfood, Inc's, stock appears on one of the listed exchanges.
C. The bank should ask the company if it qualifies as a listed business.
D. The bank should perform a corporate records check to determine if the company is chartered in the United States.

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Suggested Answer: B 🗳️

by Cam22 at March 17, 2024, 1:14 a.m.

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Cam22

4 months ago

Selected Answer: B

To determine if Fastfood, Inc. qualifies as an exempt person under the Currency Transaction Reporting (CTR) exemption, the bank should check if the company's stock is listed on one of the designated stock exchanges. This is one of the criteria for exemption according to regulations.

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Exam CRCM topic 1 question 226 discussion

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Cam22

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