cams question 301 discussion

View all Certified Anti-Money Laundering Specialist Exam here
back to acams forum

Question 301

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

  • A. FIs must retain copies of SARs/STRs and supporting documentation for five years from the date of filing the STRs Most Votes
  • B. FIs cannot share customer information at all since it is confidential.
  • C. Financial institutions (FIs) should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
  • D. FIs must require approval from regulators to share SARs/STRs information and supporting documentation.
Answer:

A


Explanation:
Reference:
https://www.fia.tc/wp-content/uploads/2018/04/FIA-SARGUIDE-0515-1.0.pdf

User Votes:
A 17 votes
50%
B
50%
C 6 votes
50%
D 5 votes
50%
Discussions
0 / 1000
spilksch
5 months, 3 weeks ago

Answer is C.

A says 5 years from date of filing STR, it should be 5 years from date of closing the account.

0