Posted By: Trees
false alerts=SAR not filed?? - 11/09/15 02:42 PM
Historically, we have not reported to the board decisions not to file SAR alerts, generated through our AML software, that were determined to be false alerts. Instead, we felt that "SARS not filed" should be those instances where the transaction appeared suspicious but where we were able to determine, through investigation, etc. that the transactions did not warrant a SAR.
We are not aware of any guidance from FINCEN or "best practice" saying that the bank needs to include all AML software false alerts as "SARS not filed" especially when the bank was able, through a quick review, to determine that the alert was a "false hit".
Please advise.
Thank you.
We are not aware of any guidance from FINCEN or "best practice" saying that the bank needs to include all AML software false alerts as "SARS not filed" especially when the bank was able, through a quick review, to determine that the alert was a "false hit".
Please advise.
Thank you.