Origin of Requirement for SAR Reports to Board
Answer by Andy Zavoina, BOL Guru Guru BIOS
Question: I read an article that said any SARs filed must be promptly reported to the Board of Directors (or to a committee as designated by the Board). Is this in the Act itself, and if so, where do I find it?
Answer: Federal Deposit Insurance Corporation 12 CFR 353.3(f)
Federal Reserve Board of Governors 12 CFR 208.62(h)
Office of the Comptroller of Currency 12 CRF 21.11(h)
Office of Thrift Supervision 12 CFR 563.180(d)(9)
Suspicious Activity Report
Notification to board of directors--(1) Generally. Whenever a national bank files a SAR pursuant to this section, the management of the bank shall promptly notify its board of directors, or a committee of directors or executive officers designated by the board of directors to receive notice.
BankersOnline is a free service made possible by the generous support of our
advertisers and sponsors. Advertisers and sponsors are not responsible for site content. Please help us keep BankersOnline FREE to all
banking professionals. Support our advertisers and sponsors by clicking
through to learn more about their products and services.
Print Friendly!
Email This Article!
Discuss NOW!
