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#2258504 - 08/20/21 07:07 PM Voluntary Filing or Mandated Filing
Community Banker Offline
100 Club
Joined: Nov 2008
Posts: 129
I would like to see how others are handling SAR reporting for Elder Abuse cases that may be below the regulatory threshold. I realize that voluntary filings are permissible, but I am interested in how others would interpret and handle this. We have differing opinions on definitions. This is solely in regards to a SAR filing, and not an APS filing. If the amount involved in an APS report was lower than the regulatory threshold, would you also file a SAR? I'm copying language from FinCEN advisory FIN-2011-A003 - below.


Financial institutions shall file with FinCEN to the extent and in the manner required a report of any
suspicious transaction relevant to a possible violation of law or regulation. A financial institution may also
file with FinCEN a Suspicious Activity Report with respect to any suspicious transaction that it believes is
relevant to the possible violation of any law or regulation but whose reporting is not required by FinCEN
regulations. See, e.g., 31 CFR § 103.18(a) (future 31 CFR § 1020.320(a)).


Thank you in advance for your help!

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#2258522 - 08/21/21 06:20 PM Re: Voluntary Filing or Mandated Filing Community Banker
InFairness, CRCM Offline
Platinum Poster
InFairness, CRCM
Joined: Nov 2010
Posts: 919
USA
My bank was cited by our state department of banking for not filing SARs whenever we filed reports with APS and/or local police.
_________________________
Opinions are strictly my own, and have nothing to do with my employer.

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#2258524 - 08/23/21 12:03 PM Re: Voluntary Filing or Mandated Filing Community Banker
Community Banker Offline
100 Club
Joined: Nov 2008
Posts: 129
Thank you for your reply!

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#2258534 - 08/23/21 02:39 PM Re: Voluntary Filing or Mandated Filing Community Banker
praBSA Offline
Gold Star
Joined: Aug 2018
Posts: 348
I absolutely file on any case involving Elder Abuse.

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#2258552 - 08/23/21 06:59 PM Re: Voluntary Filing or Mandated Filing Community Banker
Community Banker Offline
100 Club
Joined: Nov 2008
Posts: 129
Thanks!

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#2258560 - 08/23/21 07:36 PM Re: Voluntary Filing or Mandated Filing Community Banker
ColoradoAML Offline
Gold Star
Joined: Mar 2018
Posts: 338
Just for an alternative perspective, while elder abuse cases are the most frequent cases we file below threshold, we still rarely file if they're under $5,000. We report a lot of elder abuse via state reporting, and very few of them become SARs. Factors that may cause us to file are if the subject is a caretaker or someone who lives with the customer, or reasons to suspect the victim's health or safety are in jeopardy.

Unfortunately, elderly people are victims of low-dollar scams all the time, and I don't think all of those cases require SARs.

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#2258764 - 08/26/21 01:18 PM Re: Voluntary Filing or Mandated Filing Community Banker
Community Banker Offline
100 Club
Joined: Nov 2008
Posts: 129
Thank you all for your valued input!

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