Reporting SARs/STRs to the Board of Directors or Designated Specialized Committee

B

When reporting SARs/STRs, the information provided to the board of directors or designated specialized committee should be carefully selected to ensure the effectiveness of the report. The correct answer to this question is (A) All possible details of SARs/STRs filed during the reported period.

The board of directors or designated specialized committee needs to be provided with all possible details of SARs/STRs filed during the reported period to ensure that they are fully informed about the extent and nature of the suspicious activity. This includes details such as the types of transactions or activities involved, the identities of the parties involved, the amounts of money involved, and any other relevant information that may assist the board or committee in understanding the risks and taking appropriate actions to mitigate them.

Providing statistical data regarding SARs/STRs filed during the reported period (option B) can be useful in highlighting trends and patterns, but it may not provide sufficient information for the board or committee to understand the underlying risks and take appropriate actions.

Providing the names of all customers subject to SARs/STRs filed during the reported period (option C) may be too specific and may compromise the confidentiality of the investigation, potentially alerting the customers that they are under scrutiny.

Providing copies of all SARs/STRs filed during the reported period (option D) may be too voluminous and may not be necessary for the board or committee to understand the nature and extent of the suspicious activity. Instead, they should be provided with a summary of the findings and the key details of each SAR/STR.

Therefore, the correct answer is (A) All possible details of SARs/STRs filed during the reported period, which will provide the board or committee with a comprehensive understanding of the risks and help them make informed decisions about how to manage those risks.