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SAR Reporting For Kiting

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We have a credit card account with a balance of $3,000. The customer sends in a payment for $3,000 which is NSF. The customer charges on the account before the payment is returned and has a $6,000 balance when the NSF payment is returned. Is this a SAR reportable incident? Does the $3,000 NSF payment determine the dollar threshold for reporting or does the $6,000 account balance determine the threshold for reporting?

First, the $5,000/ known suspect amount is a ceiling above which you MUST report. You may always report amounts that are less.

Second, I think that, since you are out $6,000 you are over the ceiling anyway. Go ahead and report it.

First published on 2/3/03

First published on 02/03/2003

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