Suspicious Activity Reporting

The USA Patriot Act requires that a Suspicious Activity Report (SAR) must be filed in any situation where a financial institution has reason to suspect that a given transaction is in violation of federal law. This requirement covers all cases of suspected criminal activity, regardless of whether cash is involved, and includes transactions that were attempted or completed, or that may occur in the future. Suspicious transaction reporting requirements apply to all bank business, including commercial lending, private banking, trust, insurance, securities, etc. SAR reporting also covers suspicion of identity theft or pretext correspondence. A Suspicious Activity Report must be Read morefiled with Financial Crimes Enforcement Network also known as FinCEN no later than 30 days after the date of initial detection of facts that constitute a basis for filing and no later than 60 days if no suspect was indentified on the date of detection of the incident requiring the filing. Requirements for filinf a SAR are:Charges aggregating $5,000.00 with a known suspect Charges aggregating $25,000.00 without a suspect. A SAR form will be filled out by a representative of TSYS(Total Systems) a service provider on behalf of PartnersFirst , and forwarded to the Compliance manager of PartnersFirst via email. The Compliance manager will review the SAR for accuracy and forward it to the BSA/AML officer at Torrey Pines Bank to be filed at FinCEN. PartnersFirst will maintain an online record of any SAR filed and maintain a log of what was forwarded to