Skip to content

How to Change Status from Suspicious to Low Risk

Answered by: 

I have been monitoring & submitting a SAR on a business for a couple years. In retrospect, this customer has been consistent in the activity that no longer looks suspicious, so I don't want to close the account, but I don't think a SARs is needed to be submitted anymore. What is the requirements or protocol to change the status of the account from suspicious to maybe just unusual or even low risk? Can I just stop filing a SARs and make notation on the existing paperwork that SARs are no longer needed due to consistent activity that doesn't flag the account as suspicious anymore?

You should document your internal records of customer due diligence and enhanced due diligence regarding why you are changing the risk rating on the customer, but no external reporting requirement exists. You just don't file another renewal SAR.

First published on 5/6/13

First published on 05/06/2013

Filed under: 
Filed under operations as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics