CMFAS RES 1A Prevention of Financial Crimes (AML/CFT) question: statutory protection for STR filers

CMFAS RES 1APrevention of Financial Crimes (AML/CFT)

Which statement about statutory protection for STR filers is correct?

A Filers can still be sued for breach of confidentiality, even when reporting in good faith
B A good-faith STR filer is protected from liability, including for breach of confidentiality
C Protection applies only if the suspicion is later proven correct in a criminal prosecution of the customer
D Only the compliance officer who submits the STR is protected, not the staff who raised it

Show the answer and explanation

Answer: B. A good-faith STR filer is protected from liability, including for breach of confidentiality

The CDSA protects a person who files an STR in good faith from civil or criminal liability, including for any breach of a confidentiality obligation. This protection encourages reporting and does not depend on the suspicion being ultimately proven.

Common mistake

Protection does not require the suspicion to turn out to be correct — good faith is the test.

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Study note: Prevention of Financial Crimes (AML/CFT)CMFAS RES 1Apractice questions & mock exams

Answer: B. A good-faith STR filer is protected from liability, including for breach of confidentiality

Common mistake

Protection does not require the suspicion to turn out to be correct — good faith is the test.

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Original study material mapped to the public CMFAS RES 1A syllabus. Unofficial, not endorsed by MAS or IBF. Verify figures and rules against current guidance before relying on them.

CMFAS RES 1A Prevention of Financial Crimes (AML/CFT) question: statutory protection for STR filers

Answer: B. A good-faith STR filer is protected from liability, including for breach of confidentiality

Common mistake

Related CMFAS RES 1A questions

CMFAS RES 1A Prevention of Financial Crimes (AML/CFT) question: statutory protection for STR filers

Answer: B. A good-faith STR filer is protected from liability, including for breach of confidentiality

Common mistake

Related CMFAS RES 1A questions