American Bankers Association Exam CRCM Topic 2 Question 99 Discussion

Actual exam question for American Bankers Association's CRCM exam

Question #: 99
Topic #: 2

[All CRCM Questions]

For how long must a bank keep records of transactions involving currency in amounts greater than $10,000?

ATwo years

BThree years

CFive years

DSeven years

Show Suggested Answer

Suggested Answer: C

by Gail at Sep 14, 2024, 10:24 PM

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Elbert

2 months ago

Haha, seven years? That's like keeping your high school diary for a decade. I'll stick with D) and hope I never have to dig up those old records!

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Alesia

2 months ago

Hmm, I'm going to go with C) Five years. Seems like a reasonable compromise between government oversight and business efficiency.

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Katy

1 months ago

I would also choose C) Five years. It seems like a standard practice for banks to maintain transaction records for that duration.

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Renay

1 months ago

I agree, it's important for banks to keep records for a reasonable amount of time to comply with regulations.

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Brandon

2 months ago

I think C) Five years is a good choice. It strikes a balance between keeping records and not cluttering up the bank's system.

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Lynelle

2 months ago

D) Seven years. Easy peasy, this is a standard compliance requirement for financial institutions.

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Hyman

1 months ago

C) Five years. I guess it's better to keep records for longer just to be safe.

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Lucina

2 months ago

D) Seven years. Yes, it's a legal requirement to prevent money laundering.

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Terry

2 months ago

A) Two years. Really? I thought it was longer.

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Adell

2 months ago

D) Seven years. It's important for tracking suspicious activities.

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Lawrence

2 months ago

I'm not sure, but I think it's better to keep records for longer just to be safe. So maybe D) Seven years?

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Werner

3 months ago

I agree with Louvenia, it makes sense to keep records for that long.

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Annice

3 months ago

I'm pretty sure it's seven years. I remember learning about this in my finance course.

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Jerlene

2 months ago

Yes, I remember that too. It's definitely seven years.

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Tamie

3 months ago

I think you're right, it's seven years.

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Louvenia

3 months ago

I think the answer is C) Five years.

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Melvin

3 months ago

Seven years? That's a long time! I guess the government wants to keep a close eye on all those big transactions.

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