Writing a SAR Narrative

Date Recorded: August 1, 2024
Presented by: Mark Dever, CAMS, AAP, Director, Forvis Mazars, LLP

The Suspicious Activity Report (SAR), where the “rubber meets the road” in BSA, is the most important element in the required Customer / Member Due Diligence (CDD/MDD) process. The narrative, the “story” that we write each time we file a SAR, is the most important part of the SAR filing, as it is critical in understanding the nature and circumstances of the suspicious activity. The care to which the narrative is completed may determine whether the described activity and its possible criminal nature are clearly understood by investigators. Filers must provide a clear, complete, and concise description of the activity, including what was unusual or irregular that caused suspicion. The narrative provides the filer the opportunity to provide any information the filer believes is necessary to better enable investigators to understand the reported suspicious activity. This ninety-minute webinar will review the SAR narrative, as well as discuss overall SAR compliance requirements and responsibilities.

Here’s What You Will Learn:

• Review the basic SAR requirements;
• Identify the elements for inclusion in the SAR Narrative;
• Discuss the FAQs on narrative completion; and
• Review specific narrative examples;

This Webinar will also:

• Complement existing internal education sessions to help meet the annual BSA training requirements for compliance and audit personnel; and
• Allow time for questions from participants.

Recent well-publicized BSA enforcement actions, fines, and deferred prosecution agreements continue to support a climate proving that BSA compliance remains of paramount importance to all financial institutions. This ninety-minute webinar from ProBank Education Services will not only provide the compliance and audit staffs with a current update on compliance with the BSA requirements, but it will also discuss other regulatory and legal issues related to AML/CFT/BSA compliance.