We've been robbed! Do we file an SAR?

Answered by:

Question:

Should an SAR be filed after a bank robbery if amount taken was under $3000? I used to file reports, but (thankfully) we had not been robbed in several years. The new SAR seems to indicate amount needs to be $5000 or greater.

Answer:

Answer by Andy Zavoina, BOL Guru:

21.11(f) provides you with an exception of having to file for this.(f) Exceptions. (1) A national bank need not file a SAR for a robbery or burglary committed or attempted that is reported to appropriate law enforcement authorities.

Answer:

Answer by Barbara Hurst, BOL Guru:

You do not file a SAR for a bank robbery at all. SARs are to be filed in the case of a fraud, embezzlement or other loss (either real or potential) to the financial institution. Robbery need only be reported to law enforcement (if you wish) and in some instances, to your examiner and to your Board of Directors. You should, however, keep good records of any such incidents.

Answer:

Answer by Barry Thompson, BOL Guru:

Regulation H, gives us the answer to this question in it exceptions section:
" 12 cfr 208.62 3670.062
Section 208.62 Suspicious activity reports.

f) Exceptions.
(1) A member bank need not file a SAR for a robbery or burglary committed or attempted that is reported to appropriate law enforcement authorities."

First published on BankersOnline.com 3/5/01