Hello,

I am trying to determine if anyone still lists the number of SARs filed for the year in their annual Security Report to the Board. This is currently reported on a monthly basis to the full Board. Does it really need to be reported again? I cannot find anything in the regulation that requires it but we have been including the total in the annual report for a long time.
Thanks for the help!

No we do not do that. Now if it is in your BSA policy, than you would have to report them.

Thanks Sunshine Lady. We don't have it in our BSA policy, so I think we are good. Appreciate the confirmation.

As I used to wear both security/fraud and BSA/AML hats, I was responsible for reporting to the board. While I reported quarterly to the audit committee, I usually had a year end summary of both fraud loss totals for the year, security incidents for the year, and SAR filings for the year with a comparison to the previous year or two. This was a way for me to show that as we were growing - so were the number of incidents, losses, and SARs. It is not required outside of any policy that you might have, but it might be a good practice to continue.

My annual security report is fraud/physical security. I report seperately on BSA stuff at different times.

I wear both hats right now, but my annual security report is separate from my BSA reports. Previously, I wouldn't have told my security officer anything about a SAR investigation, unless he was involved in the investigation.