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Counterfeit Check and SAR

Question: We have just been presented with a counterfeit check. The check is for less than $5,000. I know this is under the mandatory limit for SAR reports with a known suspect, but I am uncomfortable not doing anything. Should we report this?

Answer: You can always file a SAR, no matter what amount is in question. You should make the judgement about filing based on what you know about the situation. In this situation, since the fraud can cause financial harm to your bank or to others, filing a SAR can be a good idea. Not only does filing put this information on record, but it makes it easier for law enforcement to investigate. You should also sign up for sharing information under Section 314(b) so that you can discuss this with other banks in the area.

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 3, 3/05

First published on 03/01/2005

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