Banking · Anti-Money Laundering and Reporting
In the context of AML regulations, what is the mandatory reporting requirement for a bank when a transaction is suspected to be related to the proceeds of crime?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The bank must file a Cash Transaction Report (CTR) within 15 days of the transaction.
- 2The bank must report the transaction to the RBI in the weekly statistical return.
- 3The bank must inform the local Police Station within 24 hours of the transaction.
- 4The bank must file a Suspicious Transaction Report (STR) to FIU-IND within 7 days of arriving at a conclusion of suspicion.✓
Correct answer
The bank must file a Suspicious Transaction Report (STR) to FIU-IND within 7 days of arriving at a conclusion of suspicion.
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