The COVID-19 outbreak and its ripple effects are wreaking havoc across the country. One (among many) serious, emerging issue is pandemic-related fraud. Whenever a crisis arises, fraudsters are more than ready to exploit every vulnerability, especially in the financial sector. Join this advanced session to learn when filing a SAR is indicated, the impact of recent guidance, how to identify the subject (versus the victim), and so much more. Now is the time to stay vigilant!
- File accurate SARs for emerging areas of fraud
- Understand how recent regulatory advisories and agency guidance impact your SARfiling process and procedures
- Identify the subject, versus the victim
- Write an effective SAR narrative containing all required information detailed in recent advisories and guidance
- Correct errors on filed reports
- Understand examiner expectations for SAR filing and documentation
The COVID-19 outbreak has brought so many challenges, not the least of which is pandemic-related fraud. Several familiar schemes – with a COVID-19 angle – have resurfaced with a vengeance! FinCEN has advised staying alert, releasing its first guidance in the early days of the pandemic and four more advisories since.
This session will introduce the emerging, illicit pandemic-related trends, identify red flags for common scams, and teach you to recognize when a SAR may be warranted. It will delve into developing SAR trends outside the pandemic and detail completion of corresponding SAR fields for issues such as elder financial exploitation, mortgage origination fraud, and funnel accounts, where filings have increased by 38%, 416%, and 1225% respectively! You’ll gain insight into how to write an effective SAR narrative and get details on procedures and best practices for determining when to file, how to complete a SAR, and what to do after filing. This jam-packed session will ensure you’re ready to meet the next SAR challenge!
Dawn Kincaid, Brode Consulting Services, Inc.
Dawn Kincaid began her banking career while attending The Ohio State University. She
has 19 years’ experience in client service, operations, information technology,
administrative and board relations, marketing, and compliance. Most recently Dawn
served as the Senior Vice President of Operations for a central-Ohio-based community
bank, where she created and refined policies and procedures, conducted self-audits and
risk assessments, and organized implementation of new products and services. Dawn has
served in the roles of Compliance, BSA/AML, CRA, Privacy, and Security Officer. She has
led training initiatives, prepared due diligence information, completed a variety of
regulatory applications, coordinated internal and external audits and exams, and
presented for numerous state associations.