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#655260 - 12/20/06 10:55 PM OOps SAR not Filed within 30days
reed2565 Offline
Member
Joined: Apr 2006
Posts: 59
The bank did not file a SAR within 30 days. Does anyone know of any penalities for filing the report 45 days late?

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BSA/AML/CIP/OFAC Forum
#655272 - 12/20/06 11:10 PM Re: OOps SAR not Filed within 30days reed2565
SJB Offline
Diamond Poster
SJB
Joined: Jun 2002
Posts: 1,210
California
If it is a one time occurrence your examiner won't say much, if anything, AS LONG AS you have a system in place to guard against missing the deadline. You now know you have a problem, come up with a solution and move on. You should also report the missed deadline to top management, the audit committee or board, depending on your structure, and what your controls are to avoid the problem in the future. You don't want an examiner comment that nobody at the top knew anything about.
Do a search for BSA penalties and you will probably find the regulation, I don't know it off the top of my head.
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#655273 - 12/20/06 11:12 PM Re: OOps SAR not Filed within 30days reed2565
Elwood P. Dowd Offline
10K Club
Elwood P. Dowd
Joined: Aug 2001
Posts: 21,939
Next to Harvey
Barring some sort of intentional omission on the part of your bank, the likelihood that any sort of monetary penalty will be imposed is almost nonexistent...it's just not what they do.

What you have going for you is that you found it and you fixed it. File it ASAP. Write a memo to file explaining the circumstances and the internal controls you have implemented to assure it doesn't happen again. Make certain that it doesn't.

The regulators are fond of saying that the SAR based enforcement actions are based on systemic, not singular failures. So far, the evidence supports their statements.
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