American Bankers Association Exam CRCM Topic 10 Question 35 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 35
Topic #: 10

A recent audit revealed that the bank's personal trust division was failing to determine whether securities being accepted from new trust customers have been reported as lost or stolen. To address the root cause of this problem, what should the compliance officer do FIRST?

AInquire with the SIC about all securities noted in the audit

BContact the bank's primary regulator to determine the best course of action

CRetrain all personal trust administrators on the lost and stolen securities requirements

DReview the policies and procedures for accepting securities in new personal trust
relationships to ensure securities verification

Show Suggested Answer

Suggested Answer: D

by Luisa at May 04, 2022, 12:27 AM

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