SAR for Kiting?

Employee caught kiting and they were asked to close the account. There was no loss to the bank. Must we file a SAR? If so, shouldn't that automatically mean termination?

If it meets the dollar reporting threshold...yes.

Ack! I see you are talking about an employee that's doing the kiting...yes..there is no threshold for employees!

Termination? That would depend on your bank's policy on such matters.

At my previous employer this was automatic termination.

Insider abuse warrants a SAR regardless of dollar amount.

Termination is up to your bank's policies. We've filed SARs on employees that have not resulted in termination, where others have. For various reasons.

What is a circumstance where you would file an employee SAR and not terminate them?

In my opinion there isn't one ... but that's just my humble opinion.

I always tell Senior Management ... would YOU like to explain to the Board why we're still employing someone who is conducting Suspicious Activity?

Yes they should be terminated. End of story. Also, fill out a SAR so they can be investigated. You know if their other financial institution will fill out one as well to match your kiting story.