This release describes the requirements for filing a Suspicious Activity Report (SAR).
Under NCUA regulations, a credit union must file a Suspicious Activity Report if it knows, suspects or has reason to suspect that any crime or any suspicious transaction related to money laundering or a violation of the BSA has occurred in the following circumstances:
- Criminal violations involving insider abuse in any amount;
- Criminal violations aggregating $5,000 or more where a suspect can be identified;
- Criminal violations aggregating $25,000 or more regardless of potential suspects;
- Transactions aggregating $5,000 or more conducted or attempted by, at, or through the credit union, that involve potential money laundering or violations of the BSA if the credit union knows, suspects, or has reason to suspect:
- The transaction(s) involves funds derived from illegal activities or is intended to hide or disguise funds or assets derived from illegal activities;
- The transaction(s) is designed to evade any requirements of the BSA regulations; or
- The transaction(s) has no business or apparent lawful purpose or is not the sort in which the particular member/customer would normally be expected to engage, and the credit union knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction; and
- Computer intrusions, defined as gaining access to a computer system to: remove, steal, procure or otherwise affect funds or critical information of the credit union or its members/customers; or damage, disable or otherwise affect critical systems of the credit union. It does not mean attempted intrusions of websites or other non-critical information systems that do not provide access to the credit union’s or members’ financial or other critical information.
The release also includes FinCEN guidance on the filing of SARs for marijuana-related businesses.
A credit union must file a SAR with the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) generally within 30 calendar days after the initial detection of facts that may constitute a basis for filing a SAR. For violations requiring urgent attention, such as ongoing activity, a credit union is also required to immediately notify appropriate law enforcement and as necessary the credit union’s primary regulator.