Certified Regulatory Compliance Manager (CRCM) — Question 233

When completing and filing a SAR, what is the bank NOT required to do?

Answer options

• A. Submit a copy of the supporting documentation with the SAR
• B. Submit the SAR within 30 days of the initial detection of facts
• C. Report the SAR information to the bank's board of directors
• D. Maintain a copy of the SAR and supporting documentation for 5 years

Correct answer: A

Explanation

The correct answer is A because banks are not required to submit supporting documentation with a SAR, although they must keep it on file. Options B, C, and D are all requirements for banks when dealing with SARs, as timely filing, reporting to the board, and maintaining records are essential compliance measures.