COMPLIANCE BY BILL SHOWALTER SENIOR CONSULTANT, YOUNG & ASSOCIATES INC. BSA. Q: We filed a Suspicious Activity Report (SAR) on a customer one day. Afterward, I discovered some account activity that was not included in our report (additional transactions that would increase the amount involved that would have been included in the narrative as well). Is there an option to amend the SAR, or do we wait until filing a 90-day ongoing activity SAR? A: Yes, an SAR can be amended. It would be useful to wait until the bank gets the DCN for the initial SAR, which should come shortly. It is easier with that number since it cross-references the original filing within the database at the Financial Crimes Enforcement Network (FinCEN). FinCEN’s FAQ on correcting or amending an SAR states that this is done by filing a corrected/amended SAR via the BSA E-Filing System. The banker should check “Correct/amend prior report” and enter the previous Document Control Number (DCN)/ BSA Identifier (ID) in the appropriate field. The filer should complete the FinCEN SAR in its entirety, including the corrected/amended information and noting those corrections at the beginning of the narrative, save (and print, if desired) a copy of the filing, and submit the filing. FinCEN notes that the corrected/amended FinCEN SAR will be assigned a new BSA ID. TILA. Q: We have an individual customer who is looking to purchase 56.4 acres of undeveloped/ unimproved land. The purpose is consumer (personal, family or household). He plans on either hunting on the land or building a house at some point in the future. We have not done a recreational land loan in a while. This is still considered TRID, correct? A: Yes, you are correct, the TRID rules apply. So, you need to issue a Loan Estimate (LE), and then a Closing Disclosure (CD), within the appropriate time limits. Since it is undeveloped/unimproved land, there will be no need for a flood hazard determination (assuming there are no insurable structures on the property). Check 21. Q: We are getting ready to implement mobile deposit. Is there a regulatory requirement for how long the customer must retain the physical check before it can be destroyed? A: The federal consumer protection rules have no provision related to the retention of original checks. You should consult with the bank’s legal counsel regarding any requirements in, or best practices based on, your state’s recordkeeping laws and court cases. In addition, be sure to follow any state requirements regarding notifying customers of this requirement (perhaps by including it in deposit account agreements or similar documents). TISA. Q: The bank wants to start a savings program for students (K-6th grade). The program requires Q & A 10 Community Banker
RkJQdWJsaXNoZXIy MTg3NDExNQ==