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Exam contains 462 questions

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Question 1 🔥

Which of the following is a high-net-worth customer?

Which database solution meets these requirements?

A. An individual with $5 million in assets, including her home

Highly voted

B. A corporation with $15 million in revenues

Highly voted

C. A couple with a net worth of $10 million

Highly voted

D. An individual who is not acting with his spouse, with $1 million in assets and another $3 million in community property

Highly voted

Discussion of the question

Question 2 🔥

For which of the following is a bank most likely to be in danger of receiving a cease and desist order?

Which database solution meets these requirements?

A. Repetition in a BSA examination of a noncritical deficiency reported in a previous BSA examination

Highly voted

B. Failure to document AML training to its part-time clerical employees

Highly voted

C. A 2 percent error rate on the bank's CTRs

Highly voted

D. Failure to file suspicious activity reports

Highly voted

Discussion of the question

Question 3 🔥

What should a bank's Bank Secrecy Act compliance program include?

Which database solution meets these requirements?

A. All lobby notice requirements

Highly voted

B. The one-year record retention requirements

Highly voted

C. Designation of individuals responsible for day-to-day compliance

Highly voted

D. A list of types of loans covered by the Act

Highly voted

Discussion of the question

Question 4 🔥

What should a bank do when it receives a request from a customer to transfer funds to an individual in Iraq?

Which database solution meets these requirements?

A. Conduct the transfer as requested

Highly voted

B. Conduct the transfer if the individual and the financial institution are not on the SDN list

Highly voted

C. Block the transfer

Highly voted

D. Conduct the transfer and then notify OFAC immediately

Highly voted

Discussion of the question

Question 5 🔥

Which of the following practices is authorized by the Federal Reserve Act?

Which database solution meets these requirements?

A. An agreement by a bank that it is responsible for the obligations of its subsidiary

Highly voted

B. A bank's purchase, in its fiduciary capacity, of the affiliate's assets if the fiduciary instrument allows for such a purchase

Highly voted

C. The sale of a nonaccruing loan from a bank to its bank affiliate

Highly voted

D. The acceptance of an affiliate's securities of an affiliate as collateral for a NOTES bank's loan from the bank to the affiliate

Highly voted

Discussion of the question

Question 6 🔥

By what date must financial institutions submit their loan application registers to their federal supervisory agency?

Which database solution meets these requirements?

A. March 31 of the year following the calendar year for which the data were compiled

Highly voted

B. March 1 of the year following the calendar year for which the data were compiled

Highly voted

C. February 1 of the year following the calendar year for which the data were compiled

Highly voted

D. April 1 of the year following the calendar year for which the data were compiled

Highly voted

Discussion of the question

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Exam contains 462 questions

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