1. Responding to a Financial Crime at Your Bank

    What to do when you discover a crime being committed at your bank? Make sure you don’t end up breaking the rules yourself, writes Larry Harris at law firm Polsinelli Shughart:

    “The first thing to consider is whether a Suspicious Activity Report is required. The obligation to file a SAR with the Financial Crimes Enforcement Network may depend on (1) who committed the crime and (2) the dollar amount involved… Whenever a depository institution detects a known or suspected federal criminal violation (against the depository institution or involving transactions conducted through it) and there is reason to believe that a director, officer, employee, agent or other institution‑affiliated party has committed or assisted in the commission of the crime, a SAR must be filed, regardless of the dollar amount involved.”

    Before you discover your worst nightmare has come true, read the full update: You Have Discovered A Crime; Now What? - Polsinelli Shughart PC»