Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?

Question

Options

• AFIs must retain copies of SARs/STRs and supporting documentation for five years from the date
• BFIs cannot share customer information at all since it is confidential.
• CFinancial institutions (FIs) should establish sufficient safeguards concerning the confidentiality of
• DFIs must require approval from regulators to share SARs/STRs information and supporting

• A
  8% (2)
• B
  15% (4)
• C
  73% (19)
• D
  4% (1)

Explanation

According to the FATF Guidance on Private Sector Information Sharing, FIs should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes, both within the same financial group and between FIs not belonging to the same group. These safeguards include ensuring that the information is shared only with authorized personnel who have a need to know, that the information is used only for the intended AML purpose, and that the information is protected from unauthorized access, disclosure, or misuse. FIs should also comply with the applicable legal and regulatory requirements on data protection and privacy, and respect the rights and interests of the customers whose information is shared.

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