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#1861829 - 10/16/13 03:43 PM SAR threshold reporting criteria
ABT Offline
Junior Member
Joined: Nov 2010
Posts: 32
If neither the bank nor the customer sustained a loss in a fraud activity, is a SAR required if the Bank knows the suspect and the suspicious activity involves $5,000 or more? In other words, is it a correct understanding that whether the bank or customer sustains a loss is not a factor in determining if a SAR is required to be filed?

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#1861835 - 10/16/13 03:46 PM Re: SAR threshold reporting criteria ABT
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
A loss by any party has nothing to do with SAR reporting.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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#1861885 - 10/16/13 04:53 PM Re: SAR threshold reporting criteria Kathleen O. Blanchard
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Amsouth paid $40 million to learn what Kaybee just told you for free.

...some personnel operated under the misapprehension that suspicious activity reports were not required to be filed unless there was a loss to the bank...
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In this world you must be oh so smart or oh so pleasant. Well, for years I was smart. I recommend pleasant.

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#1861908 - 10/16/13 05:13 PM Re: SAR threshold reporting criteria ABT
Kathleen O. Blanchard Offline

10K Club
Kathleen O. Blanchard
Joined: Dec 2000
Posts: 21,277
I still pull the Amsouth order out. I also use the Amex one for discussions on untimely investigations leading to untimely SARs.
_________________________
Kathleen O. Blanchard, CRCM "Kaybee"
HMDA/CRA Training/Consulting/Mapping
The HMDA Academy
www.kaybeescomplianceinsights.com

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