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Which FI Is Responsible for Filing Out SAR

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Our FI charged off a checking account and the person no longer has an account relationship with us. Another FI in town called inquiring about the status of the account. Apparently the person is writing checks off of the closed account and cashing them at the other FI. Who is responsible for filing a SAR? Would it be the other FI since that is where the transactions are occurring? Or since we now have knowledge of the activity are we required to file?

If they are writing checks on a closed account at your bank you would file once the amount exceeds $5,000.

If the customer cashed more than $5,000 at another bank, they would also file.

First published on 5/21/12

First published on 05/21/2012

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