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Can you summarize Core Examination Procedures for Regulatory Requirements and Related Topics > Suspicious Activity Reporting?
Core Examination Procedures for Regulatory Requirements and Related Topics > Suspicious Activity Reporting
Short Summary
This legal document governs the policies, procedures, and processes related to monitoring, detecting, and reporting suspicious activities in the banking industry. It applies to banks, bank holding companies, and their subsidiaries. The document emphasizes the importance of suspicious activity reporting in combating terrorism, terrorist financing, money laundering, and other financial crimes. It outlines the specific requirements for filing a Suspicious Activity Report (SAR) and the thresholds for reporting. The document also highlights the safe harbor provision that protects banks from civil liability for reporting suspicious transactions. It further discusses the components of an effective monitoring and reporting system, including identification of unusual activity, managing alerts, SAR decision making, SAR completion and filing, and monitoring and SAR filing on continuing activity. Overall, the document aims to ensure that banks have robust systems in place to identify, evaluate, and report suspicious activities.
Whom does it apply to?
Banks, bank holding companies, and their subsidiaries
What does it govern?
Suspicious Activity Reporting
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Protection from civil liability for all reports of suspicious transactions made to appropriate authorities
Jurisdiction
U.S. Federal Government