We have a business owner whose secretary has been stealing money from him for 7 years. He says he doesn't want to press charges, however he is under the impression she has a way to pay him back. I feel uncomfortable since her way to pay him back involves her husband who may not agree. Regardless, the amt is over $500,000 and involved checks & cr card. Our attorney says not to file a SAR because we have not suffered a loss (yet) - I don't agree on that point. He also says no SAR because the owner has not been willing to press charges.

Any help would be great.

Neither of the reasons presented by the attorney has any bearing on filing a SAR and that is why having an attorney involved in such decisions usually are not a great idea. He needs to go back to BSA school before rendering opinions that severely threaten his errors and omissions insurance from kicking in.

Also, forget about what the business owner may have told you or whether or not a police report has been filed. Those also have little actual bearing on filing a SAR and would only be used as collaborating information for the narrative.

The only thing that is important, is based on the information and documentation that is actually in your possession and have you triggered the SAR requirement?

Whenever the bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank and involving or aggregating $5,000 or more in funds or other assets, where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations, or that the bank was used to facilitate a criminal transaction, and the bank has a substantial basis for identifying a possible suspect or group of suspects.

For example, if you have checks on which you suspect that the signatures were forged, you have to file. If all of this is just hearsay, you have nothing.

Feel free to print this and show it your our attorney also. He needs to be educated in such matters.

Feel free to print this and show it your our attorney also. He needs to be educated in such matters replaced by one who looks up items that he has no knowledge of instead of giving poor advice.

agreed with Randy.

Thank you everyone.