FREE Certified Regulatory Compliance Manager (IFPUG) Questions and Answers
The Main Street branch manager calls and shares the following details: On Tuesday at ten o'clock, Steve bought a cashier's check for one thousand dollars. When Mr. Steve returned at 11:30 a.m., he bought a cashier's check for $2,500 in cash and deposited the traveler's checks into his bank account. Mr. Steve returned at 4:00, putting $8,000 in cash into his bank account. Since this deposit was made after regular banking hours, Wednesday's business date was used to record it. What steps ought the bank to take?
The bank should record the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold.
According to federal rules, special-purpose credit is defined as follows:
Please select 3 correct answers
Which of the following will boost a cash transaction-based anti-money laundering program the MOST?
Monitoring cash transactions of less than $10,000 for suspicious patterns is the most effective measure in strengthening an anti-money laundering program involving cash transactions.
What deadline has the federal agency that oversees financial institutions set for the submission of their loan application registers?
Financial institutions must submit their loan application registers to their federal supervisory agency by March 1 of the year following the calendar year for which the data were compiled.
Which of the following categories of workers needs to get instruction on how to utilize W-9 forms precisely?
W-9 forms are used to collect taxpayer identification information from individuals or entities that may be subject to certain reporting requirements, such as providing payments or income to them. The purpose of the W-9 form is to obtain the recipient's correct taxpayer identification number (TIN) and other relevant information for tax reporting purposes.
For creating a deposit account, a bank gave a customer a gift with a fair market value of $25. Which of the following best sums up the gift's legal reporting status?
The proper reporting status of the gift given to the customer for opening a deposit account is that the fair market value of the gift is added to the interest paid and reported on Form 1099-INT.
Which of the following loans is a loan for which First Savings Bank is exempt from submitting a 1098-E (Student Loan Interest) report?
First Savings Bank does not have to provide a 1098-E (Student Loan Interest) report for the loan described in the scenario: a $12,000 loan to Paul and Rhonda Pena and their daughter Jennifer, used to pay her college tuition as well as the tuition at the private high school her sister, Jeanne, attends.