Yes, summer is already over and fall is upon us. That means sweater weather, changing leaves, and pumpkin spice. But it also means the year is winding down. If it was your New Year’s resolution to file at least one SAR this year, time is getting short. And if you haven’t been planning on filing, it might be time to reevaluate.
If it’s been awhile since your financial institution has filed a CTR or a SAR, you may think you’re flying under FinCEN’s radar. If so, you may want to think again. Not only could regulators be eyeing you as a weak link, but criminals and terrorists may be targeting you because they assume that smaller institutions may lack the training and/or procedures to identify reportable transactions.
Read the full article on the AdvisX blog.