Certified Regulatory Compliance Manager (CRCM) — Question 216

Mrs. Evans, a customer of First National Bank, deposits $15,000 in cash to her account. During the transaction, Mrs. Evans explains that she received the money in the mail from her sister in Europe. What responsibility does the bank have?

Answer options

• A. Complete a Currency Transaction Report (CTR)
• B. Complete a United States Customs form 4790 (CMIR)
• C. Complete both a currency transaction report and a CMIR
• D. Complete a CTR and encourage Mrs. Evans to file a CMIR

Correct answer: D

Explanation

The correct answer is D because the bank is required to complete a Currency Transaction Report for transactions exceeding $10,000 and should also encourage Mrs. Evans to file a CMIR for reporting the source of the funds. Options A and B are incomplete as they do not address both requirements, while C suggests filing both reports without emphasizing the encouragement aspect.