SARs are a mechanism to help detect all manner of criminal activity.
Therefore, accuracy and thoroughness are preeminent concerns. This
detailed presentation will explain proper field completion, address the
importance of the narrative, define the SAR-related parties, and more.
- Use the User Guide information for proper form completion
- Define the various SAR-related parties – filing institution, branch location, subject,
victim, and others
- Explain the proper use of the file attachment for supporting data/transactions
- Distinguish between required fields and other fields to be completed if the
information is available
- Understand the importance of well-written SAR narrative
Whether you file one suspicious activity report (SAR) or hundreds of them, proper
completion and timely submission are critically important to the protection of the US (and
global) financial system from the abuses of financial crime, including money laundering,
terrorist financing, and other illicit financial transactions. SAR reports provide crucial
information about persons and activities to law enforcement, agencies, and analysts that
pursue criminal, tax, and regulatory investigations, and provide useful evidence for
prosecuting money laundering and other financial crimes.
Mary-Lou Heighes, Compliance Plus, Inc.
Mary-Lou Heighes is President and founder of Compliance Plus, Inc., which has assisted
financial institutions with the development of compliance programs since 2000. She
provides compliance training for trade associations and financial institutions. Mary-Lou
has been an instructor at regulatory compliance schools, conducts dozens of webinars,
and speaks at numerous conferences throughout the country.
Involved with financial institutions since 1989, Mary-Lou has over 25 years’ compliance
experience. Before starting Compliance Plus in 2000, she spent five years working as a
loan officer, marketer, and collector. She also worked at a state trade association for seven
years providing compliance assistance and advising on state and federal legislative issues
that affect financial institutions.