Questions and Answers
Must we notify our board of directors when we file a Suspicious Activity Report?
The Bank Secrecy Act does require you to notify your board of directors, or a committee of directors or executive officers designated by the board of directors whenever you file a Suspicious Activity Report. However, the law also states that if the suspect is a director or executive officer you may not notify the suspect…but shall notify all directors who are not suspects.
(Posted: 06/19/2008)
