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#2214393 - 05/24/19 09:24 PM How to Report SAR Filed on Board Member to Board
Bonkers for BSA Offline
Member
Joined: Oct 2015
Posts: 84
This is a hypothetical situation:

If a bank files a SAR that involves a board member, how should that get reported to the Board? Do I need to just be vague in my reporting? Do I only need to notify a majority of the board members and still be vague about it to prevent any accidental disclosure by another board member?

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#2214395 - 05/24/19 09:35 PM Re: How to Report SAR Filed on Board Member to Board Bonkers for BSA
Adam Witmer Offline
Power Poster
Joined: Sep 2010
Posts: 2,662
While this may be a hypothetical situation for you, its one I have seen before and one that does occasionally happen. I don't have time to explain it all at the moment, so here is an article where I take a deep-dive into some of the BSA requirements of board reporting on a SAR on a director and even discuss a little know caveat that can be used: https://www.compliancecohort.com/blog/board-reporting-on-director
_________________________
Adam Witmer, CRCM

All statements are my opinion, not those of my employer, and should not be taken as legal advice.
www.compliancecohort.com

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