Fine-tune your SAR system
Assess the effectiveness of your policies, procedures, and processes.
“Suspicious activity reporting forms the cornerstone of the Bank Secrecy Act (BSA) reporting system” and is critical to combating terrorist financing, money laundering, and other financial crimes.
So says the Federal Financial Institutions Examination Council’s (FFIEC) Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual.
To that end, the Financial Crimes Enforcement Network (FinCEN) requires credit unions to file suspicious activity reports (SARs) with respect to these four situations:
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