Suspicious Activity Reports: Reporting, Requirements and Current Issues
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Understand the current requirements and regulatory expectations related to your suspicious activity filings.Many financial institution employees are aware of the requirement to file suspicious activity reports (SARs) with the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) and the general notion that SARs are required to be kept confidential, but do not understand how or why SARs are used by law enforcement, what is required to be reported on them, how they are filed with FinCEN, and why they need to be kept confidential. This material will help the persons involved in a financial institution's anti-money laundering (AML) compliance efforts understand these points, focusing most importantly on the bounds of SAR confidentiality. Financial institutions, and their directors, officers, employees, or agents that breach SAR confidentiality requirements may be subject to civil and criminal penalties; this information will assist individuals in understanding the requirements. This topic will also explore what the SAR filing requirement may look like in the future under the AML Act recently passed by Congress.
AuthorsMelissa G. R. Goldstein, Schulte Roth & Zabel Nicholas Zlevor, Schulte Roth & Zabel
The Bank Secrecy Act (BSA)
• Overview of the BSA
• Anti-Money Laundering (AML) Program Requirement
• Reporting Requirement
The Suspicious Activity Report (SAR) Filing Requirement
• History of the SAR Filing Requirement
• When Are SAR Filings Required?
• How Quickly Do SARs Need to Be Filed?
FinCEN Form 111
• How to File SARs With FinCEN
• What Information Is Contained on the SAR Form?
• How to Write Effective SAR Narratives
• Disclosing to FinCEN and Law Enforcement
• Disclosing Within the Corporate Organizational Structure
• Recent Enforcement Actions
SARs: Current Issues
• Recent FinCEN Guidance and FAQs
• FinCEN Data Breach
• New Legislation: AML Act