CAMS · Question #93
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings. What…
The correct answer is B. Decline to provide the suspicious transaction report information to the credit department. Suspicious transaction report (STR) information is confidential and should not be disclosed to anyone outside the compliance function or law enforcement authorities. Providing STR information to the credit department could compromise the integrity of the reporting process and…
Question
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings. What should be done to protect suspicious transaction report information?
Options
- AProvide the suspicious transaction report information to the credit department
- BDecline to provide the suspicious transaction report information to the credit department
- CSeek approval from the board of directors to disclose the suspicious transaction report
- DContact the credit department manager to determine how the suspicious transaction report
How the community answered
(43 responses)- A5% (2)
- B84% (36)
- C9% (4)
- D2% (1)
Explanation
Suspicious transaction report (STR) information is confidential and should not be disclosed to anyone outside the compliance function or law enforcement authorities. Providing STR information to the credit department could compromise the integrity of the reporting process and expose the institution to legal risks. The compliance officer should decline to provide the STR information to the credit department and explain the reasons for doing so.
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