How thorough is your knowledge of the 2019 Suspicious Activity Report (SAR)? The federal government will require use of a new SAR form beginning January 1, 2019. Do you know the difference between the existing and 2019 forms and filing requirements? When is a SAR appropriate? What qualifies as suspicious activity?
The 2019 SAR is receiving an extreme makeover, including updated data fields, new fields to record up to 99 cyber events, new text fields, and new product types. There will also be new subtype selections for the most-commonly reported suspicious activities, including structuring and fraud, so even “old” filings are getting a makeover. In addition, batch filers will need to work with their software providers to prepare for filing format changes. This must-attend session will detail how to complete the new and updated data fields, the necessary policy and procedure changes to incorporate the new form and filing process, and tips on writing narratives. This jam-packed session will ensure you are prepared to determine when a SAR is appropriate and how to complete the updated form line-by-line.
- Line-by-line instructions for the 2019 SAR
- General SAR requirements for 2019 – and what is changing
- How to work with IT and others on cyber-related issues
- Potential policy and procedure changes that may change how some SARs are completed
- Shortcomings noted in SARs – dos and don’ts
- Other SAR-related issues
- TAKE-AWAY TOOLKIT
- Manual addressing general SAR requirements
- New SAR form
- Instructions for completing the SAR
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for all individuals involved in the SAR process, including BSA officers, other BSA staff, management, auditors, and others with SAR responsibilities.
Bill Elliott, Young & Associates, Inc.
Bill Elliott has over 35 years of banking experience. As a senior compliance consultant and manager of the compliance division with Young & Associates, Inc., Bill works on a variety of compliance-related issues, including leading compliance seminars, conducting compliance reviews, conducting in-house training, and writing compliance articles and training materials.
Bill’s career includes 15 years as a compliance officer and CRA officer in a large community bank, as well as working at a large regional bank. He has experience with consumer, commercial, and mortgage loans, and has managed a variety of bank departments, including loan review, consumer/commercial loan processing, mortgage loan processing, loan administration, credit administration, collections, and commercial loan workout.
Terri A. Klemann, Young & Associates, Inc.
Terri Klemann is a Compliance Consultant with Young & Associates, Inc. With over 24 years in banking, Terri specializes in BSA compliance, frontline operations, privacy, deposit compliance, identity theft, robbery, and service. Terri frequently conducts BSA training for staff, directors, BSA officers, managers, service representatives, tellers and trade associations. At Young & Associates, Terri performs BSA and deposit regulation compliance reviews, authors compliance articles for the monthly newsletter, and assists financial institution clients with policy development.