Incorrectly completing a SAR can have consequences for your credit union.
BSA data, including Suspicious Activity Reports (SARs), plays a role in 65% of investigations into illegal activities related to money laundering and terrorist financing. Yet, after a year of using the new SAR Form 111, mistakes continue and questions remain about how to fully and accurately complete the report.
Staff may not understand which situations necessitate filing a SAR and the essential information that must be gathered to complete the critical and non-critical fields on the cover page and Parts I thru V. This timely program will identify the information necessary to complete all fields, along with the correct formatting. It will also address the data to be learned through CIP and CDD/EDD and will outline how the narrative could be written in a three-part format. Join us to gain the knowledge you need to enhance the quality of your credit union’s SARs.
- Identify line-by-line the “critical” fields that are required
- Key “non-critical” field information to ensure the SAR is accurately completed
- Everyday situations that may necessitate filing a SAR
- Develop a template to complete the narrative in a three-part format
- Steps to file an elder abuse SAR
- What to do if you suspect check kiting or IRS refund check fraud
- How your CIP and CDD/EDD processes can assist in SAR completion
- The role of instinct in determining whether to complete a SAR
- Possible consequences of incorrectly completing a SAR
- TAKE-AWAY TOOLKIT
- Line-by-line SAR completion guide
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
Attendance verification for CE credits provided upon request.
WHO SHOULD ATTEND?
This informative session will benefit all staff responsible for identifying when to file a SAR. Since filing an accurate SAR requires an understanding of the breadth of information needed and how it is used, everyone who plays a role in complying with your overall BSA/AML program should attend.
ABOUT THE PRESENTER – Mary White, WTC Performance Group
After many years in the financial industry, Mary White started WTC Performance Group in 1991. She works with individual financial institutions, trade associations, and other non-financial industries on topics as diverse as BSA/AML compliance, frontline operations, and enhancing the performance of senior-leadership teams.
Mary uses her extensive business and financial background to help organizations develop processes and training to reduce or eliminate the gap between current performance and desired performance. Due to her background and diverse client base, Mary’s audiences benefit from her “real world” perspective.
|Over $75 million
|$25 - $75 million
|Under $25 million
Scholarships are available for all KCUA education events. Scholarships pay 100% of registration fee for credit unions under $25M, 50% for credit unions between $25-$75M and 25% for credit unions over $75M.
Upon registration, you will receive an email confirmation that you can print for your records.