Understand the current requirements and regulatory expectations related to your suspicious activity filings.
Many financial institution employees are aware of the requirement to file suspicious activity reports (SARs) with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and the general notion that SARs are required to be kept confidential, but do not understand how or why SARs are used by law enforcement, what is required to be reported on them, how they are filed with FinCEN, and why they need to be kept confidential.
This material will help the persons involved in a financial institution’s anti-money laundering (AML) compliance efforts understand these points, focusing most importantly on the bounds of SAR confidentiality. Financial institutions and their directors, officers, employees, or agents that breach SAR confidentiality requirements may be subject to civil and criminal penalties; this information will assist individuals in understanding the requirements. This topic will also explore what the SAR filing requirement may look like in the future under the AML Act recently passed by Congress.
Learning Objectives
- You will be able to describe how to write effective SAR narratives.
- You will be able to identify a potential SAR disclosure issue.
- You will be able to discuss how to file SARs with FinCEN.
- You will be able to explain why SAR confidentiality is so important.
Agenda
The Bank Secrecy Act (BSA)
- Overview of the BSA
- Anti-Money Laundering (AML) Program Requirement
- Reporting Requirement
The Suspicious Activity Report (SAR) Filing Requirement
- History of the SAR Filing Requirement
- When Are SAR Filings Required?
- How Quickly Do SARs Need to Be Filed?
FinCEN Form 111
- How to File SARs With FinCEN
- What Information Is Contained on the SAR Form?
- How to Write Effective SAR Narratives
SAR Confidentiality
- Disclosing to FinCEN and Law Enforcement
- Disclosing Within the Corporate Organizational Structure
- Recent Enforcement Actions
SARs: Current Issues
- Recent FinCEN Guidance and FAQs
- FinCEN Data Breach
- New Legislation: AML Act
Speakers
Melissa G. R. Goldstein,
Schulte Roth & Zabel- Special Counsel, Schulte, Roth & Zabel's Washington D.C. office
- Advises banks, broker-dealers, investment advisers, funds, insurance companies and money services businesses, including those involved in global e-commerce and virtual currency, on the anti-money laundering and sanctions regulations, rules and related issues governing their investment and business activities
- Expertise with issues arising out of the USA PATRIOT Act, as amended by the Bank Secrecy Act
- Frequent speaker on anti-money laundering related issues
- Previous attorney-advisor with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) where she assisted in the development of anti-money laundering regulations and guidance, and served as counsel on enforcement actions involving issues such as failure to implement and maintain an adequate anti-money laundering compliance program, failure to register as a money services business, and failure to maintain confidentiality of suspicious activity reports
- J.D. degree, Fordham University School of Law; B.S. degree, with honors, Cornell University
- Can be contacted at 202-729-7471 or Melissa.Goldstein@srz.com
Who Should Attend
This live webinar is designed for presidents, vice presidents, branch managers, loan officers, compliance officers, loan department personnel, accountants, controllers, CFOs, credit and collection managers, and attorneys.
