The CE Quizzes in ABA Bank Compliance provide up to six continuing education credits per year to those who
hold the CRCM certification. Each quiz consists of ten questions taken directly from the articles in each issue.
The quizzes have been pre-approved for 1.0 credit each. You must correctly answer seven out of ten questions to
receive the credit. To take the quiz, please go to the ABA Certification Manager, aba.csod.com. After you login,
click on Manage My CE on the home page which will take you to the “Certification Details” page. Locate the
quiz, select “Request” to launch the quiz. Quiz credits are automatically uploaded to your record. If you have any
questions, please contact ABA Professional Certifications at email@example.com.
What You May Not Know About
the Beneficial Ownership Rule
by Chris Simpkins, CAMS, CFE
1. What is the required implementation date of the Customer Due
Diligence/Beneficial Ownership Rule?
a. May 11, 2018
b. May 11, 2019
c. January 1, 2019
d. January 11, 2019
2. What does the author tell us about the rule?
a. It is clear and straight-forward.
b. The FAQ’s are always consistent with the regulation in the
c. Monitoring is never valuable.
d. There are challenges to the rule; the devil is in the details.
3. Under the rule, what must be known each time
an account is opened?
a. Past account history.
b. The Beneficial Owners.
c. Potential Account Usage.
d. Trigger Events.
Identifying and Mitigating Conduct Risk:
Is Your Compliance Program Up to the Challenge?
By Thomas W. Grundy, CRCM
4. The author states that readers should review their banks’
third-party management program and to what extent it is
c. Corporate culture.
d. Monitoring and controls.
5. Mergers and acquisitions bring hope, but also can produce
great sorrow if you don’t conduct:
a. A Cybersecurity analysis.
b. Comprehensive due diligence.
c. Periodic Testing.
d. An accountability analysis.
Reg E Primer: Amending the Error Resolution Process
By Emily M. Morrissey, CRCM, Paul R. Osborne, CPA, AMLP, CAMS, and
Niall K. Twomey, CRCM
6. Largely driven by consumer complaints, regulators have been
expanding the scope of their examinations for Regulation E
coverage, leading to:
b. Look-back initiatives.
c. Mergers and Acquisitions.
d. Untimely mitigation.
7. Many Regulation E violations can be traced back easily to:
b. ACH technology errors.
d. IT errors.
8. To establish a plan that will mitigate the risk of future violations
and meet regulatory expectations, an FI must develop a greater
understanding of the following EXCEPT:
a. Regulation E requirements.
b. The related processes.
c. The controls related to the processes.
d. Quality control reviews.
Check Your Watch:
It’s Time to Update Your Social Media Policy Again
By Barbara Boccia, CRCM
9. In developing your bank’s Social Media program,
the first step is to:
a. Define Your Social Media Risk Management Program.
b. Take Inventory.
c. Monitor your bank on social media.
d. Develop a cybersecurity program.
10. Social media can significantly impact an FI’s risk profile
with its blend of:
a. Marketing and IT.
c. Technology and personal interaction.
d. Regulations and sales communication.