We all know about Anti Money Laundering. No matter what kind of lending we engage in, we must be on guard for suspicious activity. We are required to understand what constitutes suspicious activity (“SAR”) (hence Red Flags etc.) and we are also required by the AML statutes to report certain suspicious activities to FinCen.
Finwhat? The Financial Crimes Enforcement Network. The government clearing house and enforcement arm for AML and other activities. These are the people who collect and distribute suspicious activity reports.
So what constitutes suspicious activity? That is for a different post. When we complete annual AML Training, this is all explained in detail. If you need a refresher course see pages 19-37 of our Compliance Manual Book One. If you are not my client call me and I will inform you.
First here are some documents I put together to walk you through the Banking Secrecy act Web Site, where you can create an account so when you have a SAR to file, it will be easier and quicker for you .
YOU MUST FILE so you have two choices as I see it. Do it manually, writing it out and mailing or emailing it; or use the eFile system. I recommend you use the eFfile system.
Next here is the link to get to the BSA Web Site. When asked about your regulator pick your state regulator.