Certified Regulatory Compliance Manager (CRCM) — Question 211

Which of the following businesses would be eligible to be an exempt person under the requirements of the Bank Secrecy Act?

Answer options

• A. Jackson's Used Cars
• B. Evanston Recreational Boats
• C. Al Williams Seafood Restaurant
• D. Goldsmith Aircraft Distributors

Correct answer: C

Explanation

Al Williams Seafood Restaurant is the correct answer as it is classified as a business that can be exempt from certain reporting requirements under the Bank Secrecy Act. The other options, such as Jackson's Used Cars, Evanston Recreational Boats, and Goldsmith Aircraft Distributors, do not meet the criteria for exemption under this legislation.