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Since April 1996 depository institutions have been required to file Suspicious Activity Reports (SARs) with the Financial Crimes Enforcement Network (FinCEN) when a known or suspected violation of federal law, a suspicious transaction related to money laundering activity, or a violation of the Bank Secrecy Act (BSA) is detected. Following the terrorist events of September 11, 2001 and the passing of the USA Patriot Act, SAR requirements have expanded to other types of financial institutions such as Money Service Businesses (MSBs), casinos and certain segments of the securities and futures industries. As the number of SARs filed annually continues to rise, ensuring that financial institutions file quality SARs, so that law enforcement can read and understand them quickly, becomes increasingly important. To the individual preparing the SAR, it can feel like a mundane task that really offers very little value. However, law enforcement repeatedly states that SARs are the "Life Blood" of their investigations.
This webinar will be an informative hour session on what information needs to be included in an effective SAR narrative and the reasons why clear concise information is so important. The course will review how to write a quality SAR narrative, what documentation should be included with the SAR, what FinCEN and law enforcement do with the SARs once they're received, and what's required of an institution when a subpoena is received due to a SAR filing. I will review how to put together an informative, concise SAR narrative with the right back-up information that will help law enforcement build a strong case?