SARs and CTR Guidance: Do’s and Don’ts — The Good, the Bad, and the Ugly

Review the reporting requirements for Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) when fulfilling your obligations under the Bank Secrecy Act (BSA)

On-Demand Webinar Available Until September 25, 2020

Register Now

Monitoring, detecting, and reporting suspicious activities is the cornerstone of the Bank Secrecy Act (BSA) reporting system. Credit Unions must electronically file a Currency Transaction Report (CTR) for each transaction in currency (deposit, withdrawal, exchange, or other payment or transfer) of more than $10,000 by, through, or to the credit union.  Certain financial institutions operating in the United States shall file with FinCEN, to the extent and in the manner required by 31 CFR Chapter X a report of any suspicious transaction relevant to a possible violation of law or regulation.

This webinar will take you through the reporting requirements for Current Transaction Reports (CTRs) and Suspicious Activity Reports (SARs) when fulfilling your obligations under the Bank Secrecy Act (BSA).
 

Key Takeaways:

  • Understand how to meet reporting obligations, reporting thresholds, timing, refiling of reports, tracking suspicious activity, and reporting continuous suspicious activity
  • Review common errors on SARs and CTRs
  • Discuss tips for ensuring SAR narratives identify the five essential elements of information (who? what? when? where? and why?) for the suspicious activity being reported
  • Walk through best practices for satisfying the compliance requirements under the BSA

Register Now

Registration is free, but you must register to attend.
One registration gives your entire team access to the live webinar and on-demand recording until September 25, 2020
Already registered? Go to the Online Training Center to view.

Who Should Attend?

  • NAFCU Certified Compliance Officers (NCCOs)
  • NAFCU Certified Risk Managers (NCRMs)
  • NAFCU Certified Bank Secrecy Officers (NCBSOs)
  • BSA and AML staff
  • Audit staff
  • Fraud staff
  • Compliance staff
  • Risk staff

Education Credits

  • NCCOs will receive 1.5 CEUs for participating in this webinar.
  • NCRMs will receive 1.5 CEUs for participating in this webinar.
  • NCBSOs will receive 1.5 CEUs for participating in this webinar
  • CPA credit information is below; recommended 1.5 CPE credits.

CPA Certification Credit Information

Reviewer: Josie Collins, Associate Director of Education, NAFCU

Learning Objectives:  Understand how to meet reporting obligations, reporting thresholds, timing, refiling of reports, tracking suspicious activity, and reporting continuous suspicious activity.  Review common errors on SARs and CTRs.  Discuss tips for ensuring SAR narratives identify the five essential elements of information (who? what? when? where? and why?) for the suspicious activity being reported.  Walk through best practices for satisfying the compliance requirements under the BSA.

Program Level: Basic

Prerequisites Needed: None

Advance Preparation Needed: None

Delivery Method: Group Internet-Based

Recommended CPE Credits: 1.5 credits

Recommended Field of Study: Regulatory Ethics - Technical

NASBA Sponsor Logo

National Association of Federally-Insured Credit Unions (NAFCU) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. Learn more.

About Our Webinars

Our webinars are streamed live from NAFCU headquarters near Washington, D.C. Your audio/video feed of the presenters includes presentation slides and downloadable handouts. You can easily submit your questions to the presenters at any time during the live broadcast, with no dialing over the phone! The audio and video stream directly through your computer.

About the Presenters

Tom Lawler, Senior Liaison Officer, FinCEN
Tom Lawler

Senior Liaison Officer, FinCEN

Lynn English, NCCO, NCRM, NCBSO, SVP-Risk Management, Lafayette FCU
Lynn English

NCCO, NCRM, NCBSO, SVP-Risk Management, Lafayette FCU

John Harwell, NCCO, NCRM, NCBSO, AVP-Risk Management, Apple FCU
John Harwell

NCCO, NCRM, NCBSO, AVP-Risk Management, Apple FCU