CAMS · Question #625
Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?
The correct answer is C. Statistical data regarding SARs filed during the reported period. The board of directors or designated specialized committee should be provided with statistical data regarding SARs filed during the reported period, such as the number, type, and amount of SARs, as well as any trends or patterns identified. This would enable them to oversee the…
Question
Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?
Options
- AAll possible details of SARs filed during the reported period
- BNames of all customers subject to SARs filed during the reported period
- CStatistical data regarding SARs filed during the reported period
- DCopies of all SARs filed during the reported period
How the community answered
(45 responses)- A4% (2)
- B7% (3)
- C73% (33)
- D16% (7)
Explanation
The board of directors or designated specialized committee should be provided with statistical data regarding SARs filed during the reported period, such as the number, type, and amount of SARs, as well as any trends or patterns identified. This would enable them to oversee the effectiveness of the anti-money laundering program and ensure compliance with regulatory requirements. Providing too much detail, such as names of customers or copies of SARs, could compromise the confidentiality of the SARs and expose the institution to legal risks.
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