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Video instructions and help with filling out and completing Fincen law enforcement

Instructions and Help about Fincen law enforcement

Music most of you are familiar with suspicious activity reports or SARS but with the new year upon us it's always a good idea to refresh ourselves on what information should be included in a quality SAR narrative in many instances SARS have been instrumental in enabling law enforcement to initiate major money-laundering investigations as well as terrorist financing and other criminal cases SARS that contain incomplete incorrect and or disorganized narratives can make this process difficult as the narrative serves as the main area for summarizing suspicious activity therefore it is imperative that staff at your credit union write narratives that are clear concise and thorough in general ass our narrative should include the five essential elements of information of the suspicious activity being reported who what when where and why the method of operation or the hell is also important and should be included in the narrative as well who is conducting the suspicious activity the narrative should be used to further describe the suspect or suspects including occupation position or title within the business and the nature of the suspects businesses if more than one individual is involved identify all suspects addresses four suspects are also important additionally any identification numbers associated with a suspect such as a passport are also helpful what instrument or mechanisms are being used to facilitate the suspect transaction a list of instruments or mechanisms that may be used and seditious activity includes but is not limited to wire transfers letters of credit casinos traveler's checks money orders etc additional information to include our methods to negotiate funds such as night deposit box mail etc source of funds account numbers affected specific transactions location of funds and amount of activity when did the suspicious activity take place if the activity has taken place over a period of time include the date when it was first noticed and described the duration of the activity individual dates and amounts of transactions should also be included in the narrative rather than just the aggregated amount where did the suspicious activity take place indicate the branch where the suspicious activity occurred and prthe addresses of the locations also specify if it involved a foreign jurisdiction along with the name of the institution address and account numbers why do you think the activity is suspicious described as fully as possible why the activity or transaction is unusual for the member how did the suspicious activity occur in a concise logical and accurate manner describe how the transaction or pattern of transactions was committed it's important to tell what caused the suspicion and also to tell the story chronologically all transactions should be included but the tempted in completed in include beneficiaries of transactions dividing the narrative into three sections is suggested an introduction a body and a conclusion in the introduction include the purpose and general description of the suspicious activity the date of any previously filed SAR and any internal investigative numbers the body.

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