Certified Regulatory Compliance Manager (CRCM) — Question 225

When conducting a records search pursuant to a FinCEN request, what must a bank search?

Answer options

• A. All customer records from the previous five years
• B. All accounts maintained within the previous 12 months and transaction records for 6 months
• C. Only records that can be electronically searched
• D. Nothing; searches are voluntary

Correct answer: B

Explanation

The correct answer is B because banks are required to search all accounts active in the last 12 months along with the transaction records for the past 6 months when responding to a FinCEN request. Options A and C are incorrect because they either overextend the timeframe or limit the search to only electronic records, which is not compliant with FinCEN guidelines. Option D is also incorrect, as these searches are mandatory, not voluntary.