Certified Regulatory Compliance Manager (CRCM) — Question 217

For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?

Answer options

• A. Two years
• B. Three years
• C. Five years
• D. Seven years

Correct answer: C

Explanation

The correct answer is C, as banks must keep records of transactions over $10,000 for five years to comply with regulatory requirements. Options A, B, and D are incorrect because they do not meet the mandated duration set by financial regulations for these types of transactions.