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SAR Copies for Auditors
Question: Are we allowed to give actual copies of the SAR form we have filed to our auditors? They want to be kept informed of any filed by the Security officer. I have a problem with having the information anywhere but in my locked file.
Answer: It's not a question of being "allowed" to give them a copy. That decision is up to each individual financial institution. The Suspicious Activity Report says you may not disclose the existence of the SAR with the subject (person) who is named on the SAR. The problem with confidentiality comes when so many people know about it that there is danger of the information getting back to the subject. I have found a wide spectrum of policy in this area, all the way from some (most) who feel as you do, (one copy in a locked cabinet) to some who actually distribute copies to the branches that service the customer so all will know to be extra watchful for that customer's transactions! (This editor does NOT recommend the latter!) I suspect if your auditors want them, they'll get them.
Copyright © 2005 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 15, No. 9, 9/05
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