FREE Certified Regulatory Compliance Manager (IFPUG) Questions and Answers

Question 1

What deadline has the federal agency that oversees financial institutions set for the submission of their loan application registers?

Accepted Answer

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

Answer

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.

Question 2

Which of the following will boost a cash transaction-based anti-money laundering program the MOST?

Accepted Answer

Monitor cash transactions of less than $10,000 for suspicious patterns

Answer

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.

Question 3

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?

Accepted Answer

Record the $1,000 and $2,500 transactions on the bank's monetary instrument sales log because the total exceeds the $3,000 threshold

Answer

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.

Question 4

According to federal rules, special-purpose credit is defined as follows:

Accepted Answer

A special-purpose credit program may require members to share a particular attribute (such as race or sex), provided the condition was not made to circumvent the ECOA's standards. Special-purpose credit programs may not discriminate on any forbidden grounds. The bank may gather data on that attribute if the participants must provide it to assess eligibility.

Question 5

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?

Accepted Answer

The fair market value of the gift is added to the interest paid and reported on Form 1099-INT.

Answer

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.

CRCM - Certified Regulatory Compliance Manager Practice Test

CRCM - Certified Regulatory Compliance Manager Practice Test

FREE Certified Regulatory Compliance Manager (IFPUG) Questions and Answers