How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?

The correct answer is C. Request a letter on the agency's letterhead. According to the ACAMS study guide, one of the best practices for dealing with law enforcement inquiries is to verify the identity and authority of the law enforcement officer before providing any information (p. 224). This is to ensure that the inquiry is legitimate and not a…

Conducting and Responding to Investigations

Question

Options

AAgree to keep the account open
BRequest a subpoena to maintain the account
CRequest a letter on the agency's letterhead
DRequest a search warrant from the local court

How the community answered

(47 responses)

A
6% (3)
B
4% (2)
C
74% (35)
D
15% (7)

Explanation

According to the ACAMS study guide, one of the best practices for dealing with law enforcement inquiries is to verify the identity and authority of the law enforcement officer before providing any information (p. 224). This is to ensure that the inquiry is legitimate and not a phishing attempt or a breach of confidentiality. The compliance officer should also document the inquiry and the information provided, and consult with legal counsel if necessary. The other options are not appropriate, as they may either violate the law, compromise the investigation, or create unnecessary work.

Topics

#law enforcement cooperation#account monitoring#documentation#verbal requests

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