Ask Reggi Your Question Now
Can you summarize OHAC Rule 1301:9-2-37?
General Provisions > Suspicious activity reports.
Short Summary
This provision, found in the Ohio Administrative Code under the Department of Commerce, Division of Financial Institutions: Credit Unions, requires all credit unions to report any crime or suspected crime that occurs at their office(s) using the Suspicious Activity Report (SAR) form provided by the Financial Crimes Enforcement Network (FinCEN). The report must be filed within thirty calendar days after the discovery of a suspicious activity. The credit unions must follow the instructions and reporting requirements accompanying the SAR. The SAR should be completed for insider abuse involving any amount, violations aggregating five thousand dollars or more where a suspect can be identified, violations aggregating twenty-five thousand dollars or more regardless of a potential suspect, and transactions aggregating five thousand dollars or more that involve potential money laundering or violations of the Bank Secrecy Act. The SARs are to be filed with FinCEN. Failure to file a SAR in accordance with the instructions may subject the credit union, its officers, directors, agents, or other institution-affiliated parties to civil money penalties or other administrative actions. Additionally, credit unions are required to maintain a copy of any SAR filed and the original of all attachments to the report for a period of five years from the date of the report.
Whom does it apply to?
All credit unions
What does it govern?
Suspicious activity reporting by credit unions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Civil money penalties or other administrative actions
Jurisdiction
Ohio