Certified Regulatory Compliance Manager (CRCM) — Question 228

On which of the following loans must a bank maintain records under the Bank Secrecy Act?

Answer options

• A. All loans exceeding $5,000 and secured by real property
• B. All loans exceeding $5,000, but not secured by real property
• C. All loans exceeding $10,000 and secured by real property
• D. All loans exceeding $10,000, but not secured by real property

Correct answer: D

Explanation

The correct answer is D because the Bank Secrecy Act mandates record-keeping for loans over $10,000 that are not secured by real property. Options A and B are incorrect as they both relate to loans exceeding $5,000, which do not meet the threshold for record-keeping. Option C is also incorrect because it specifies loans that are secured by real property, which is not the requirement in this context.