Question 1

When is it permissible for a bank that is a government securities broker or dealer to refrain from

filing a Form G-FIN-5 or a Form MSD-5 when an employee terminates the associated person status?

Options :

A : When the employee files the form

B :

When the bank does not have all the necessary information and notifies its regulatory agency

C :

When the employee’s status is reinstated within six months

D : When the employee remains employed by the bank and the bank notifies its regulatory agency

Answer: D

Question 2

A routine review of account records reveals that suspicious activity involving foreign currency has occurred in the account of one of the bank’s directors. Which of the following actions should be taken FIRST?

Options :

A : A SAR should be filed.

B : The bank’s board of directors should discuss the account activity without the affected director being present.

C : The bank’s president should meet with the affected director to discuss the account activity.

D : . The bank should file a CTR, checking the box that indicates the report is for suspicious activity.

Answer: A

Question 3

Which one of the following is out of the FIRREA penalties included in the enforcement section of Adjusted Mortgage Regulation (12 CFR 34)?

Options :

A : Penalties up to $7,500 per day for violations of laws and regulations

B : Penalties up to $47,500 per day if violations or unsafe or unsound practices are engaged in recklessly or are part of a pattern of misconduct that causes more than a minimal loss to the bank or any pecuniary gain to the parties involved

C : Penalties up to $1,375,000 per day against persons who knowingly commit a violation and knowingly or recklessly cause a substantial loss to the bank or a substantial benefit to the party

D : Penalties up to $6,500 per day for violations of laws and regulations

Answer: A,C

Question 4

______________ should include basic elements designed to understand and mitigate risk. It usually includes: Written program Compliance-related policies and procedures

Options :

A : Tactical Compliance procedure

B : Rank solution

C : Compliance program

D : None of these

Answer: C

Question 5

This is a loan term or an arrangement that modifies a loan term under which a bank agrees to suspend all or part of a customer’s loan obligation on the occurrence of a specified event. It May be a part of the loan itself or a separate agreement.Does not include a loan payment deferral arrangement where the borrower or the bank can unilaterally defer a payment.What is it?

Options :

A : Debt suspension agreement (DSA)

B : Anti-dying

C : Debt cancellation contract (DCC)

D : ALLL

Answer: A

Higher Test Marks with Free Online CRCM Exam Practice

Buying Options: