Certified Regulatory Compliance Manager (CRCM) — Question 234

What should a bank's Bank Secrecy Act compliance program include?

Answer options

• A. All lobby notice requirements
• B. The one-year record retention requirements
• C. Designation of individuals responsible for day-to-day compliance
• D. A list of types of loans covered by the Act

Correct answer: C

Explanation

The correct answer is C, as the Bank Secrecy Act requires banks to designate individuals who will manage compliance on a daily basis. Options A and B address different compliance aspects that are not specifically mandated by the Act, while option D is irrelevant as the Act does not specify a list of covered loan types.