Question 36
Domain 1: Federal Mortgage-Related LawsUnder GLBA, how long must SAR (Suspicious Activity Report) records be retained?
Correct answer: B
Explanation
Under the GLBA-related bank secrecy and anti-money-laundering recordkeeping rules, Suspicious Activity Reports must be retained for 5 years. This retention period preserves the report and supporting documentation for regulatory review and enforcement.
Why each option is right or wrong
A. 3 years
B. 5 years
31 C.F.R. § 1020.320(d) requires a bank to maintain a copy of each Suspicious Activity Report and the original or business record equivalent of any supporting documentation for 5 years from the date of filing. The 5-year retention period is the specific regulatory minimum tested here; shorter retention would fail the Bank Secrecy Act/GLBA-related recordkeeping requirement.
C. 7 years
D. 10 years