SARs and Crooks

What happens if you don't file a Suspicious Activity Report when you should have? Cynthia Stone, Senior Trial Attorney with DOJ, reminded attendees at ABA's 2005 Money Laundering Enforcement Conference that failure to file is a crime. For law enforcement, SARs are "incredibly important". Many cases, that otherwise would never have come to light, have been started because of information in a SAR. That being said, exercise judgment about what is suspicious and what is not - and be prepared to explain your choice.

Copyright © 2005 Compliance Action. Originally appeared in Compliance Action, Vol. 10, No. 15, 12/05