SAR Filing For Check Fraud

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Question:

I need to file a SAR for this situation? Our business customer had eleven checks stolen from their checkbook. We cashed them. The total loss is $10,315.50. There were 4 different individuals who cashed these checks. One person did cash checks totaling $5,920.30. All we have for identification is the driver's license number of each person. The police have been notified and have been able to gather enough evidence to charge them.

Answer:

I'd file on all of them. You are required to file on the one over $5,000, but FinCEN has made it very clear that you MAY file on any, and still be covered under safe harbor. File away - it could be those names will match up with the same name for some bank that took a much bigger hit than you.

First published on BankersOnline.com 2/11/02