American Bankers Association Exam CRCM Topic 4 Question 96 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 96
Topic #: 4

[All CRCM Questions]

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

ARepetition in a BSA examination of a noncritical deficiency reported in a previous BSA examination

BFailure to document AML training to its part-time clerical employees

CA 2 percent error rate on the bank's CTRs

DFailure to file suspicious activity reports

Show Suggested Answer

Suggested Answer: D

by Jacklyn at Sep 13, 2024, 04:54 AM

Limited Time Offer

25%

Off

Get Premium CRCM Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Berry

5 months ago

You know, I heard about a bank that got caught not reporting a million-dollar money laundering scheme. Talk about a slap on the wrist!

upvoted 0 times

Daniela

5 months ago

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

upvoted 0 times

...

Stephaine

5 months ago

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

upvoted 0 times

...

Ula

5 months ago

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

upvoted 0 times

...

Annamae

5 months ago

I don't think that would lead to a cease and desist order. It's important, but not as critical as failing to report suspicious activity.

upvoted 0 times

...

Yan

5 months ago

But what about C) A 2 percent error rate on the bank's CTRs?

upvoted 0 times

...

Cassi

6 months ago

I agree with Annamae. That's a serious violation.

upvoted 0 times

...

Stefania

6 months ago

Haha, D is a total no-brainer! The bank might as well just hand over their license if they're not filing those SARs.

upvoted 0 times

Isreal

4 months ago

D) Failure to file suspicious activity reports

upvoted 0 times

...

Xochitl

4 months ago

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

upvoted 0 times

...

Celestina

5 months ago

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

upvoted 0 times

...

Lucia

5 months ago

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

upvoted 0 times

...

Annamae

6 months ago

I think it's D) Failure to file suspicious activity reports.

upvoted 0 times

...

Erick

6 months ago

Definitely D. That's a big no-no in the world of banking compliance. The fines and penalties can be brutal.

upvoted 0 times

Margot

5 months ago

Yeah, the consequences can be really harsh for the bank.

upvoted 0 times

...

Nobuko

5 months ago

I agree, failing to file suspicious activity reports is a serious offense.

upvoted 0 times

...

Erin

6 months ago

I agree, D is the way to go. The bank is really playing with fire if it's not properly reporting suspicious activity.

upvoted 0 times

...

Shaun

6 months ago

Hmm, I'd say D is the correct answer. Failing to file SARs is a major compliance issue that can land a bank in hot water with the regulators.

upvoted 0 times

Shawna

5 months ago

Yes, it's definitely a red flag for regulators and can lead to a cease and desist order.

upvoted 0 times

...

Lenna

5 months ago

I agree, not filing SARs is a serious violation that regulators take very seriously.

upvoted 0 times

...