Certified Regulatory Compliance Manager (CRCM) — Question 226

A bank is conducting due diligence for a foreign correspondent bank account. Which of the following is NOT required information?

Answer options

• A. The identities of the correspondent bank's true ownership
• B. Information on the government licenses of the correspondent bank
• C. Copies of the tax return of the correspondent bank
• D. Information on the products and services the correspondent bank offers

Correct answer: C

Explanation

The correct answer is C, as copies of the tax return are typically not required for due diligence processes. Options A, B, and D provide essential information regarding ownership, compliance, and the services offered, which are critical for assessing the correspondent bank's legitimacy and risk.