When an institution files an STR with regard to a particular account, what steps should the institution take visa account?

The correct answer is C. The institution should consult its counsel and AML compliance officer and determine whether. According to the ACAMS Study Guide, 6th Edition, page 184, "The decision to close an account should be made in consultation with the institution's legal counsel and AML compliance officer, and in accordance with the institution's policies and procedures." Closing an account may…

Conducting and Responding to Investigations

Question

Options

AThe institution should close the account due to the obvious risk it represents
BThe institution should keep the account open due to the need to continue to monitor the account
CThe institution should consult its counsel and AML compliance officer and determine whether
DThe institution should not close the account due to the risk of tipping off the customer and

How the community answered

(36 responses)

A
3% (1)
B
14% (5)
C
78% (28)
D
6% (2)

Explanation

According to the ACAMS Study Guide, 6th Edition, page 184, "The decision to close an account should be made in consultation with the institution's legal counsel and AML compliance officer, and in accordance with the institution's policies and procedures." Closing an account may not always be the best option, as it may trigger the customer's suspicion, interfere with law enforcement investigations, or expose the institution to legal risks. Therefore, the institution should carefully weigh the pros and cons of closing an account, and follow its own internal

Topics

#STR filing#account management post-STR#tipping off#AML compliance decision

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