A Compliance Officer Is Constructing a Review of a Transaction

question 293

Multiple Choice

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?

• 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

---

Definitions:

External Adjustments

Changes made outside of an organization or economy to align with changes in the external environment, such as market demand or regulatory shifts.

Monetary Policy

A central bank’s changing of the money supply to influence interest rates and assist the economy in achieving price-level stability, full employment, and economic growth.

Trade Deficit

Occurs when a country's imports exceed its exports, leading to a negative balance of trade.

Individual Nations

Refers to sovereign states, each with its own government and political boundaries, recognized in international law.