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#8051 - 12/19/01 07:41 PM SAR Reporting to Board
La. Lady Diamond Poster Joined: May 2001 Posts: 1,873	When reporting to the Board of Directors that a suspicious activity report was filed, do you give the NAME of the person or business that the report was filed on. My report is made in writing to the Board of Directors. I always give the nature of the suspicion, but never the name on the report. The only person going into the meeting knowing the name is the Bank President. I am sure that he give out the name if asked.. But I am wondering if the rest of you release the name in writing.... Thanks _________________________ Riding the waves of change.....2014
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#8052 - 12/19/01 07:59 PM Re: SAR Reporting to Board
John Burnett 10K Club Joined: Oct 2000 Posts: 40,086 Cape Cod	I make a point of not releasing the name at the board meeting. I explained this to the directors by discussing the non-disclosure rules for SARs and told them I didn't want a name recorded in the minutes, which might be subpoenaed for other reasons. I also told them that if they didn't know the name, they couldn't slip and mention the SAR at an inappropriate time or place. _________________________ John S. Burnett BankersOnline.com Fighting for Compliance since 1976 Bankers' Threads User #8
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#8053 - 12/19/01 08:02 PM Re: SAR Reporting to Board
SMQ, CRCM Power Poster Joined: Apr 2001 Posts: 4,828 Between the lines	Absolutely not!! I explain the circumstances and the amount of the loss to the bank, if any. BUT, as you know, to every "absolute" there is an exception. If the SAR were on an employee or ex-employee, the board would already be familiar with the situation and then the name would probably be mentioned in the meeting, but not in the written report to the board. As you recall, you have to file a SAR on an employee for any amount. ------------------ Opinions expressed are not necessarily those of my employer. _________________________ NOLA is my Beach!
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#8054 - 12/19/01 08:35 PM Re: SAR Reporting to Board
NancyF 100 Club Joined: Dec 2001 Posts: 173 PA	I give the Board a copy of the SAR, however the customer name is not documented in the minutes, only the reporting of the SAR.
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#8055 - 12/19/01 09:09 PM Re: SAR Reporting to Board
NotALawyer Gold Star Joined: Nov 2001 Posts: 455	We have not released any names to the borad either verbally or in writing. However, we have not had anything come up requiring filing on bank employees. The board has been more concerned with amounts, details of the situation, and what managment has done/is doing to help prevent similar events in the future. ------------------ --------------------------------------- Robert Marx Opinions stated are not necessarily that of my employer.
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#8056 - 12/19/01 10:01 PM Re: SAR Reporting to Board
La. Lady Diamond Poster Joined: May 2001 Posts: 1,873	Thanks everyone....I haven't mentioned the name either, except for the Bank President.......I shutter to think....after all everyone knows the confidentiality that these Board Members have. _________________________ Riding the waves of change.....2014
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#8057 - 06/06/03 07:52 PM Re: SAR Reporting to Board
drvmecrazy 100 Club Joined: Mar 2002 Posts: 232	I have notified the BOD of initial SAR filings. Am I also supposed to notify them of subsequent filings on the same individual? _________________________ These opinions are mine & not necessarily those of my employer. (Remember, you get what you pay for)
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#8058 - 06/06/03 08:00 PM Re: SAR Reporting to Board
1111 Platinum Poster Joined: Jan 2003 Posts: 580	Yes, all SAR filings must be reported to the BOD.
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#8059 - 06/06/03 08:06 PM Re: SAR Reporting to Board
drvmecrazy 100 Club Joined: Mar 2002 Posts: 232	Thank you _________________________ These opinions are mine & not necessarily those of my employer. (Remember, you get what you pay for)
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#8060 - 06/06/03 08:29 PM Re: SAR Reporting to Board
Anonymous Unregistered	Do any of you report your SARs to your State regulators (i.e., send them a copy), in addition to Fincen?
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#8061 - 06/06/03 08:33 PM Re: SAR Reporting to Board
yy2say Gold Star Joined: Apr 2002 Posts: 279 PA	Quote: Yes, all SAR filings must be reported to the BOD. To the BOD or a committee of the BOD. We send all ours to the Audit Committee and have had no problems. _________________________ "Go, Dog. Go!" ~ P.D. Eastman
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