Which should be provided to the board of directors or designated specialized committee when reporting SARs/STRs?

Question

Options

• AAll possible details of SARs/STRs filed during the reported period.
• BStatistical data regarding SARs/STRs filed during the reported period.
• CNames of all customers subject to SARs/STRs filed during the reported period.
• DCopies of all SARs/STRs filed during the reported period.

• A
  5% (1)
• B
  76% (16)
• C
  14% (3)
• D
  5% (1)

Explanation

The board of directors or designated specialized committee should be provided with statistical data regarding SARs/STRs filed during the reported period, such as the number, type, value, and geographic distribution of the reports, as well as any trends or patterns identified. This information helps the board or committee to oversee the effectiveness of the firm's AML program, assess the level of compliance risk, and allocate appropriate resources and training. Providing all possible details, names of customers, or copies of SARs/STRs may compromise the confidentiality of the reports, violate data protection laws, or expose the firm to legal liability.

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