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

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Definitions:

Business Model

A plan or framework a company uses to operate, generate revenues, and make a profit, detailing how it conducts business.

Strategies

Plans of action developed to achieve long-term or overall goals in various contexts, such as business, marketing, or military.

Value

The importance, worth, or usefulness of something, often considered in terms of financial, social, or personal significance to individuals or entities.

Road Map

A Road Map is a strategic plan that outlines the steps, milestones, and objectives needed to achieve a set of goals, often used in project planning and product development.