Suspicious activity monitoring and reporting is the cornerstone of your BSA/AML program. Once you identify the suspicious activity, filling out the Suspicious Activity Report (SAR), and more specifically, the narrative, can be overwhelming. Regulator scrutiny increases anxiety around “getting it right.”
SAR writing is easier said than done. BSA Officers often ask, “What happens to our SARs once submitted? Is anyone even reading this information? How do I alert law enforcement to COVID-19 related fraud?” In a never-ending sea of SARs filed with FinCEN each year, it is important that your SARs are noticed and read by law enforcement.
Easy-to-read and impactful SARS help law enforcement and other agencies determine how to act. Conversely, poor SARS have resulted in enforcement actions. In this one day SAR writing workshop, using hands on experience, learn how to craft a SAR narrative that tells your story and captures the attention of law enforcement while maintaining regulatory requirements.
Take aways include:
• Discover the minimum requirements of information that must be in your SARs
• Gain confidence in writing effective and captivating narratives for law enforcement
• Learn FinCEN SAR narrative requirements for COVID-19 related fraud and other critical keyword components
• Obtain a SAR Writing Checklist to use at your financial institution
Target Audience: Anyone responsible for the BSA/AML program in your institution