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Loan was Denied. Do We Still File a SAR?

Answered by: 
David A. Dickinson

Question: 
I am auditing our SAR reporting. We had a customer apply for a consumer loan and furnish us obviously doctored documents such as tax returns, W2s, and check stubs. Do we need to file a SAR if we denied the loan request leaving the bank with no monetary loss exposure?
Answer: 

A False Statement was committed against your institution. Whether the loan was denied or made is of no consequence. If the customer applied for a loan in the amount of $5,000 or more, then this is covered and technically triggers the SAR.

First published on BankersOnline.com 4/24/06

First published on 04/24/2006

Filed under: 
Security
Filed under security as: 
Reporting
SAR

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