To what extent should senior management and the Board of Directors be involved in the filing of any STR?

Question

Options

• AThey should be informed of all significant STRs and the numbers and trends of the filings
• BThey should be given copies of all STRs filed by the institution
• CThey should review and approve the filing of all STRs
• DThey should be the only designated individuals to communicate with law enforcement

• A
  84% (27)
• B
  3% (1)
• C
  9% (3)
• D
  3% (1)

Explanation

According to the ACAMS CAMS Certification Study Guide (6th edition), senior management and the Board of Directors have the ultimate responsibility for the effectiveness of the AML program and the compliance with the relevant laws and regulations. Therefore, they should be informed of all significant STRs and the numbers and trends of the filings, as this would help them to assess the level of risk exposure and the adequacy of the controls and resources. The other options are either too restrictive or too burdensome for senior management and the Board of Directors, and may interfere with the timely and confidential filing of STRs.

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