CRCM Sample Exam Questions And Answers With Verified Solutions
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Course
CRCM
Institution
CRCM
CRCM Sample Exam Questions And Answers With Verified Solutions
When reviewing exemptions for continued eligibility under the Bank Secrecy Act, a review of which of the following is LEAST helpful? ANS Currency Transaction Reports (CTRs)
A number of bank customers are members of the Army Reserve...
CRCM Sample Exam Questions And Answers With
Verified Solutions
When reviewing exemptions for continued eligibility under the Bank Secrecy Act, a review of which of the
following is LEAST helpful? ANS Currency Transaction Reports (CTRs)
A number of bank customers are members of the Army Reserve and have been called to active duty for six
months. Your bank's president wishes to issue a press release stating that the bank will suspend all loan
payment requirements while loan holders are on duty, extend the maturity date of each loan, and permit interest
to accrue at only 10% while the loan holders are on active duty. You are asked to review the press release.
Which of the following statements represents the advice you should give the president? ANS Upon
request, the bank must reduce the interest rate on the loans to 6% effective on the date that the service
members are called to report for active duty, and remain at 6% until they are released from orders.
The bank is beginning e-banking and wants to deliver a full range of consumer electronic services. The
compliance manager is a member of the project team. Which of the following functions is MOST appropriate
for the compliance manager during the INITIAL stages of this project? ANS Identifying the consumer
protection regulatory provisions on liability and error resolution.
Under the Interagency Statement on Retail Sales of Nondeposit Investment Products, the required disclosures
can be provided to the bank's customer in all of the following ways EXCEPT: ANS in writing by a teller
when referring a customer to the investment sales area
You are developing bank procedures for determining when to escalate issues or problems identified as a result
of repeat SAR filings on the same account. These procedures should include all of the following criteria
EXCEPT: ANS notifying the customer
Which of the following is considered a non-listed business that is eligible for exemption from CTR reporting
requirements? ANS Licensed pari-mutual race track
By policy, a bank does not collect income information on employee loan applications. When completing the
HMDA LAR's income field, the bank must record the ____________. ANS code for "not applicable"
Your examiner tells you that your bank is straining its resources by not exempting any of its commercial
account holders from CTR filing. The examiner notes that many of these customers are publicly traded and
could be exempted. Which of the following actions is in the bank's BEST interest? ANS Determine
whether granting exemptions is a manageable risk for the bank.
, In your fair lending self-monitoring program, you found a prohibited basis that would result in a regulatory
violation was factored into the credit score. You should instruct management to FIRST ____________. ANS
suspend the use of the credit scoring system until it can be corrected
The examiners criticized your bank at the last examination for failing to conduct a BSA/AML risk assessment
of its operations. You have been asked to complete the assessment. Which of the following categories is NOT
suggested by the FFIEC Examination Manual for your risk assessment? ANS Vendors
Which of the following represents the required method for proving a consumer with the insurance consumer
protection disclosures in connection with a loan transaction? ANS At the time of loan application
The bank has decided to begin offering a full range of non-deposit investment products to retail customers.
Your FIRST step should be to ____________. ANS review the Interagency Statement on the Retail Sale of
Nondeposit Investment Products
Your bank is considering a candidate for a vacant director position. The GREATEST potential regulatory risk,
if the individual is appointed, is his or her ____________. ANS current indebtedness to your institution
During a review of your bank's customer identification procedures, you are likely to find regulatory
deficiencies if the bank does NOT ____________. ANS require verification of the identify of each
customer
In monitoring a bank's compliance with the federal Fair Housing Act, it is LEAST relevant to review
____________. ANS handicap accessibility to property secured by a first mortgage loan made by the bank
To ensure that your institution's policies and procedures are in compliance with Regulation B and its
requirements relating to spousal signatures, what is the most effective action you, as the compliance officer,
should take? ANS Provide periodic training on spousal signature requirements of Regulation B to lending
staff
Which of the following statements describes a bank's reporting requirements when it awards a big-screen
television, valued at $800, to a customer as a grand-opening prize? ANS The fair market value of the prize
is reportable on Form 100-MISC.
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