CRB CRB Branch Operations & Management

Question 1

Which document is required to open a new business checking account for a US-based LLC?

Accepted Answer

Articles of Organization and an EIN (Employer Identification Number)

Answer

LLCs must provide formation documents (Articles of Organization) and their EIN to satisfy business account CIP requirements.

Question 2

What is the primary purpose of a branch's daily cash balancing procedure?

Accepted Answer

To ensure actual cash on hand matches recorded transactions and identify discrepancies

Answer

Daily cash balancing reconciles physical cash against transaction records, detecting errors or shortages before they compound.

Question 3

Under the Bank Secrecy Act, a Currency Transaction Report (CTR) must be filed for cash transactions exceeding what threshold?

Accepted Answer

$10,000

Answer

Financial institutions must file a CTR for any cash transaction—deposit, withdrawal, or exchange—exceeding $10,000 in a single business day.

Question 4

What is 'structuring' in banking compliance terms?

Accepted Answer

Deliberately breaking up transactions to avoid triggering CTR reporting thresholds

Answer

Structuring (also called 'smurfing') is illegal and involves splitting large cash transactions to stay below the $10,000 CTR threshold.

Question 5

What is the standard opening procedure a teller should follow before beginning transactions for the day?

Accepted Answer

Begin accepting customer transactions immediately after clocking in

Answer

Tellers must verify their opening cash balance against the assigned amount before any transactions to establish an accurate starting point for balancing.

(CRB) Certified Retail Banker Practice Test

(CRB) Certified Retail Banker Practice Test

CRB CRB Branch Operations & Management