By which term are matches reported to FinCEN within 14 days?

Study for the Certified Bank Secrecy Act Professional Test. Use flashcards and multiple-choice questions with hints and explanations. Get exam ready!

Multiple Choice

By which term are matches reported to FinCEN within 14 days?

Positive Match Reporting is the term for notifying FinCEN when a screening system yields a match to a restricted or sanctioned party, and it must be filed within 14 days. When a name or identifier matches someone on sanctions lists (like OFAC), the institution blocks the activity and submits a Positive Match Report to FinCEN with the match details and the action taken. This specific reporting action ensures timely sharing of potential sanctions-related risks with regulators. The other options aren’t reporting terms: a manual is just a reference document, a records search is an internal lookup, and documentation requirements describe what to keep rather than the act of reporting a match.

Positive Match Reporting is the term for notifying FinCEN when a screening system yields a match to a restricted or sanctioned party, and it must be filed within 14 days. When a name or identifier matches someone on sanctions lists (like OFAC), the institution blocks the activity and submits a Positive Match Report to FinCEN with the match details and the action taken. This specific reporting action ensures timely sharing of potential sanctions-related risks with regulators. The other options aren’t reporting terms: a manual is just a reference document, a records search is an internal lookup, and documentation requirements describe what to keep rather than the act of reporting a match.

More practice questions