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Suspicious Activity Reports: Reporting, Requirements and Current Issues

What are your current requirements and regulatory expectations related to your suspicious activity filings?The obligation to file SARs is no longer limited to the banking and brokerage world. Under the authority granted to the Treasury Department and its Financial Crime Enforcement Network, the responsibility to effectively monitor for and report on suspicious activity has expanded exponentially. Today, life insurance, real estate closing companies, money services business (digital or brick and mortar), all have an obligation to develop and implement a program tailored to their specific business model that enables them to identify potentially suspicious activity, investigate it, and where appropriate report it to the government. Complicating these efforts, is the requirement that each regulated entity must 1) assess its own risk and identify the potential red flags associated with their business model, 2) develop internal controls, policies, and procedures to monitor and capture this type of activity; and 3) conduct appropriate due diligence on the potential activity to determine whether or not a SAR is required.


Runtime: 91 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

The Who, What, Where, When, Why, and How of SAR Filing in 2017

  • Never Forget the Basics: Filing Requirements, Amount, Timing, Narratives, Content Sharing, and Practical Tips on How to Keep Things Confidential and How to Put in Best Practices
  • Defensive SARs
  • Voluntary SARs

Lessons From Recent Enforcement Actions

What's on the Horizon

  • SAR Filings for Cybersecurity
  • Proposed Changes to the SAR Fields
  • Expanded GTO Regions
  • Still-Buzzworthy? Marijuana SAR Filings

Practical Tips Others Had to Learn the Hard Way

  • How to Defend Yourself and Your Firm Against the "You Saw All This Suspicious Activity, but You Did Nothing." Claim
  • Well Why Didn't You File? When Your SAR Declination Memo Doesn't Support the Decision
  • When Your SAR Investigation Is Too Narrow

AML Hot Topic Red Flags to Monitor for:

  • Funnel Account Activity: What It Is and What Red Flags Should You Be Looking for?
  • Human Trafficking/Human Smuggling
  • Elder Abuse
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on May 23, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Craig Hymowitz, Esq., CAMS

Craig Hymowitz, Esq., CAMS

Rumberger Kirk & Caldwell

  • Of counsel to the law firm of Rumberger Kirk & Caldwell in Birmingham, Alabama
  • Co-chair of the Alabama ACAMS chapter
  • Represents and defends regulated entities under investigation, examination, or subject to consent decrees requiring remediation
  • Advises clients on proactive compliance with the evolving anti-money laundering, economic sanctions, anti-bribery, and anti-corruption laws and regulations
  • ēPrior to joining Rumberger, served as general counsel to one of the nationís ten largest clearing firms where he oversaw the firmís successful remediation efforts following its consent to a $1 million penalty
  • Former partner at an AmLaw 100 firm where he served as co-chair of the firmís Anti-Money Laundering and Economic Sanctions Group, as well as a member of the firmís litigation and white collar defense groups
  • Extensive experience helping clients as both in-house and outside counsel, in negotiating and responding to adverse regulatory findings, defending against enforcement actions and litigating against government agencies
  • Served for five years on SIFMAís Anti-Money Laundering and Financial Crimes Committee
  • J.D. degree, University of Pennsylvania Law School; B.A. degree, cum laude, Cornell University
Ryan Schwoebel, CFE, CAMS

Ryan Schwoebel, CFE, CAMS

ProEquities, Inc.

  • Co-chair of the Alabama ACAMS chapter and AML Compliance Officer to Protective Life Corpís investment brokerage firm, ProEquities, Inc.
  • Prior to this, he worked as an investigator and then AVP/team lead for Regions Bank AML/BSA
  • Prior to his transition to the private sector, he served for four-years as a special agent with the Naval Criminal Investigative Serviceís Norfolk Fraud Unit
  • Certified Anti-money Laundering Specialist (CAMS) and a Certified Fraud Examiner (CFE)
  • Teaches as adjunct faculty for UAB and Troy University, volunteers with the AARPís Fraud Watch Network, and is a member of the U.S. Postal Inspection Serviceís Identity Theft & Economic Crimes Task Force
  • Masterís degree, UAB; Bachelorís degree, University of Montevallo
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 400729
Published 2017
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