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Question & Answer
Question: Could you please tell me where it says I MUST report the filing of a Suspicious Activity Report to the Board of Directors. I've gone over the instructions with a fine tooth comb, and I don't find it in there.
Answer: And you won't find it in there! It's in your regulatory agency requirements. They all (FDIC, OCC, OTS, FED, NCUA) have almost the exact same wording. Fed's can be found at the new Regulation H, 208.62(h) which reads: " Suspicious Activity Report-(h)- Notification to the board of directors. The management of a member bank shall promptly notify its board of directors, or a committee thereof, of any report filed pursuant to this section."
In addition to this requirement, this section includes instructions on filing the SAR, and also covers confidentiality, safe harbor and BSA compliance.
Copyright © 1997 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 7, No. 8, 7/97
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