Certified Regulatory Compliance Manager (CRCM) — Question 235

A compliance officer is constructing a review of a transaction in which M, a deposit account customer, used cash to purchase travelers' checks in an amount of
$4,000. The compliance officer must determine compliance with financial recordkeeping and currency reporting regulations. Which of the following pieces of information must be part of the bank's records for this transaction?

Answer options

• A. M's date of birth
• B. M's deposit account number
• C. The serial numbers of the travelers' checks purchased
• D. The name of the branch where the transaction occurred

Correct answer: C

Explanation

The correct answer is C because the serial numbers of travelers' checks are required for tracking and reporting purposes in compliance with regulations. Options A and B, while potentially useful, are not mandatory for this specific transaction's documentation. Option D is also not essential as the transaction could be recorded without needing the branch name.