CAMS Suspicious Activity Reporting

Question 1

Within how many calendar days must a financial institution file a Suspicious Activity Report (SAR) after initially detecting a suspicious transaction?

Accepted Answer

30 days

Answer

15 days

Answer

45 days

Answer

60 days

Question 2

What is the minimum dollar threshold for SAR filing for a transaction involving a bank insider regardless of suspicion level?

Accepted Answer

$5,000

Answer

$1,000

Answer

$2,500

Answer

$25,000

Question 3

What is the 'safe harbor' provision in the context of SAR filings?

Accepted Answer

Legal protection that shields financial institutions and their employees from civil liability when filing SARs in good faith

Answer

A provision allowing institutions to delay SAR filing during regulatory examinations

Answer

A provision exempting small institutions from SAR filing requirements

Answer

A harbor area where financial institutions can conduct transactions without reporting obligations

Question 4

A SAR filed with FinCEN is subject to strict confidentiality requirements. Which of the following is prohibited?

Accepted Answer

Disclosing the existence of a SAR to the subject of the report

Answer

Sharing the SAR with law enforcement upon request

Answer

Retaining a copy of the SAR for internal records

Answer

Reporting the SAR to senior management

Question 5

What are common red flags that may trigger a SAR filing for a retail banking customer?

Accepted Answer

A customer whose transaction volume significantly exceeds what would be expected based on their stated occupation and account purpose

Answer

A customer who regularly deposits their paycheck each week

Answer

A customer who uses multiple ATM locations for withdrawals

Answer

A customer who requests paper statements rather than electronic statements

Question 6

After filing a SAR, how long must a financial institution retain the SAR and supporting documentation?

Accepted Answer

5 years

Answer

1 year

Answer

3 years

Answer

10 years