Banker's Compliance Consulting Blog

Banking Regulations Compliance | Suspicious Activity Reports

Written by David Dickinson | Aug 24, 2017 5:26:34 AM

It’s not an uncommon situation to discover a customer that has cashed a fraudulent check.  For example, one that was provided to them for goods they sold or services they provided.  When this happens, we sometimes see banks incorrectly provide “Suspect Information” about the customer in Part II of the Suspicious Activity Report.  Remember, your customer is the victim of a crime, not the suspect.  The suspect is the person, if known, who defrauded your customer via the transaction and should be listed in Part II.  Information about the customer/victim could be included in the narrative portion of the Suspicious Activity Report if necessary.

Are you looking for some guidance and best practices when it comes to SAR completion?  Or maybe just suspicious activity monitoring in general?  Join us on August 31, 2017, for our “All About Suspicious Activity Monitoring & Reporting” webinar where we will address these issues and much more.

Published
2017/08/24
Deb Irving