Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?

Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
A . Notify the client that the transaction has been reported.
B. Freeze the funds pending notification from the competent authority.
C. Secure all supporting documentation.
D. Immediately close the account.

View Answer

Answer: C

Explanation:

Once the STR is filed, it will trigger an investigation so the institution should secure all the supporting document for the competent authorities.