With nearly 130 episodes spanning 3 years, Risk Watch has covered a lot of topics. One of the topics we’ve revisited several times is suspicious activity reporting, or SARs. We’ve brought these six SAR episodes out of the Risk Watch Central vault (available through My Risk Inbox) to help you brush up on your SAR basics at no charge for the month of June. Watch them here.
Your institution likely filed at least a handful of the nearly one million SARs filed last year. Have you ever wondered what happens to all those SARs you painstakingly prepare and file? Rachel Osborn of AffirmX shows you some of the ways law enforcement has used your SARs to stop crime. Watch it here.
FinCEN recently published its 2016 SAR Stats Technical Bulletin, which provides an in-depth recap of the all the year’s SAR filings. If you’re involved in your institution’s BSA program, a review of this data can be one of the most informative ways to keep your program current and effective. Dennis Agle of AdvisX highlights some of the key stats from the report. Watch it here.
Ever wonder what becomes of your Suspicious Activity Report once it’s submitted? Ken Agle of AdvisX takes a look at the FinCEN’s 2015 SAR Stats, which breaks down how SARs are used by various federal, state, and local agencies. What’s more, it offers some helpful tools your financial institution can use to make sure its Bank Secrecy Act program is proactively meeting emerging threats. Watch it here.
FinCEN’s Directer pulled the public eye when she announced data that showed many small credit unions have not filed any Bank Secrecy Act-mandated Suspicious Activity Reports or Currency Transaction Reports in nearly two years. AdvisX regulatory affairs counsel, Chris McCullock, explains what this finding means, and discusses a plausible explanation for such a lack of SAR and CTR reports. Watch it here.
When a financial institution identifies a suspicious activity related to a previously filed SAR and that activity is within a specified timeframe, it needs to file what is called a continuation SAR. The timeframe and what goes in a continuation SAR frequently trip up financial institutions. In this episode, AffirmX Analyst and SAR specialist Rachel Osborn helps us sort out these common trouble spots. Watch it here.
FinCEN’s “By the Numbers,” a quarterly publication that tracks trends in the nation’s suspicious activity report filings, has a new name: “SAR Stats.” But it’s not just the name that’s changed. In this episode of Risk Watch, AdvisX Analyst Cody Knudsen walks us through what’s new in “SAR Stats” and how you can put its information to good use for your financial institution. Watch it here.