Certified Regulatory Compliance Manager (CRCM) — Question 236

When all the required information is NOT provided by a person purchasing a cashier's check with $8,000 in currency, what should the bank do?

Answer options

• A. Refuse the transaction
• B. Complete the transaction and record available information
• C. Complete the transaction and file a SAR
• D. Complete the transaction and insist that the customer return with the required information

Correct answer: A

Explanation

The correct answer is A because banks are required to verify customer information before processing transactions to prevent fraud and money laundering. Completing the transaction without all necessary information, as suggested in options B, C, and D, could violate regulatory requirements.