Certified Regulatory Compliance Manager (CRCM) — Question 149

It is an instrument or promise or order to pay money (whether negotiable or non negotiable) sent by a sender and payable in a Federal Reserve District or sent to and collectible in funds acceptable to a Reserve Bank. An electronic image of this document together with electronic information describing that item in an approved format will be considered a valid instrument.

Answer options

• A. Item
• B. Debt collection form
• C. Validation form
• D. Correspondent check

Correct answer: A

Explanation

The correct answer is 'Item' because it specifically refers to the instrument that can be negotiable or non-negotiable as described. The other options, such as 'Debt collection form', 'Validation form', and 'Correspondent check', do not accurately capture the definition provided in the question and therefore are incorrect.