Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?
Correct Answer: C
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.
References:
ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 5, page 153, section "Reporting to the Board of Directors or Designated Specialized Committee".
ACAMS CAMS Certification Video Training Course, Module 5, Lesson 5.4, "Reporting to the Board of Directors or Designated Specialized Committee".