Posted By: DebL
Question regarding Long & Ugly SAR - 03/24/09 04:34 PM
We have filed a SAR and are preparing an updated SAR on counterfeit/altered checks that have been presented to the bank for payment on a specific account. Currently, the amount is up to about $500,000. The problem is that the volume of checks is significant and it is an extremely long narrative to input every little detail about the checks. (Payee, bank of deposit, account numbers, address of payee, ID info) Basically, we've been including whatever information we have because it appear to be a large ring (or maybe just one guy who washed and sold the original stolen check).
I'd really like some input on how other banks are handling this sort of thing. Do you put every little detail into the narrative, or do you summarize? Seems to me we're stuck doing the details, but I'm getting some push back because it's such a time consuming process.
Any input is appreciated. Thanks!
I'd really like some input on how other banks are handling this sort of thing. Do you put every little detail into the narrative, or do you summarize? Seems to me we're stuck doing the details, but I'm getting some push back because it's such a time consuming process.
Any input is appreciated. Thanks!