Exam CAMS Topic 2 Question 254 Discussion
Actual exam question for ACAMS's CAMS exam
Question #: 254
Topic #: 2
Question #: 254
Topic #: 2
Which of the following approaches is best when determining the timeline to complete an internal investigation and report a suspicious activity report (SAR) to the local Financial Intelligence Unit (FIU)?
Suggested Answer: A Vote an answer
The timing of filing a SAR is strictly regulated and depends on jurisdictional laws.
Option A (Correct): Regulatory requirements (e.g., FinCEN in the U.S. mandates filing within 30 days) define the SAR reporting timeline.
Option B (Incorrect): While 30 days is the U.S. standard, other jurisdictions have different deadlines (e.g., EU AMLD mandates "prompt" filing).
Option C (Incorrect): Risk-based assessments are useful, but regulatory deadlines must be followed.
Option D (Incorrect): Subjective decision-making could lead to compliance violations.
Option A (Correct): Regulatory requirements (e.g., FinCEN in the U.S. mandates filing within 30 days) define the SAR reporting timeline.
Option B (Incorrect): While 30 days is the U.S. standard, other jurisdictions have different deadlines (e.g., EU AMLD mandates "prompt" filing).
Option C (Incorrect): Risk-based assessments are useful, but regulatory deadlines must be followed.
Option D (Incorrect): Subjective decision-making could lead to compliance violations.
by Mamie at May 05, 2025, 12:47 AM
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