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Total 465 Questions | Updated On: Sep 12, 2024

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Question 1

First National Bank is attempting to determine which of the following customers would qualify as

exempt persons:

• Nationwide Foods, Inc , is a national company with stock listed on the New York Stock Exchange

• National Paper Products, is a wholly owned subsidiary of Nationwide Foods, Inc

• Products Incorporated, a depositor for three months, is a regional company whose stock is

designated a NASDAQ Capital Markets Company and that sells and leases large boats

• Century Enterprises, a local company owning several local restaurants, is a longtime bank customer

and frequently makes deposits in excess of $10,000. All of Century’s stock is owned by a local family.

Which of these customers would qualify as an exempt person?

A : All except for Nationwide Foods, Inc

B : All except for National Paper Products

C : All except for Century Enterprises

D : All except for Products Incorporated

Answer: D

Question 2

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?

A : Debt suspension agreement (DSA)

B : Anti-dying

C : Debt cancellation contract (DCC)

D : ALLL

Answer: A

Question 3

Which of the following is an accurate statement according to the requirements of the customer identification program regulations?

A : A bank must always require documentary verification of a customer’s identification

B : A bank may waive any part of the CIP requirements if senior management approves the waiver and there is a good cause

C : A physical address or a post office box is acceptable for any new customer

D : The bank’s CIP program must enable it to form a reasonable belief about the identity of the person

Answer: D

Question 4

Which of the following is NOT a requirement when a bank pays an employee a fee for referring a

high-net-worth or institutional customer to a broker?

A : The bank must have a written agreement with the broker

B : The bank must give a disclosure to the customer

C : The bank must reasonably believe that the customer is a high net worth or institutional customer

D : The employee must be registered with the bank’s regulatory agency

Answer: D

Question 5

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?

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

Page: 1 / 93

Total 465 Questions | Updated On: Sep 12, 2024

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