Practical Tips For Improving Your SAR Filing Program

Your SAR Filings Could Use Some Help: Discover Current Requirements and Adjust Your Practices. On June 30, FinCEN announced new national priorities for anti-money laundering and countering the financing of terrorism. This missive emphasized your “obligations to identify and file SARs on potential terrorist financing transactions, as appropriate, and follow applicable requirements for reporting violations requiring immediate attention.” The Treasury and Homeland Security departments take these risks very seriously and compel banks and credit unions to comply. You need to understand the current requirements, including the expectation that financial institutions do more to address “the ongoing threat to Americans posed by domestic terrorism.” It is essential to strike the right balance of a highly useful SAR against the demands of regulatory requirements. Financial crime expert Michael Schidlow and criminal investigator Luis Martinez will discuss the shared challenges and successes of SA