Princeton, NJ - June 10, 2008 - BankInfoSecurity.com - Information Security Media Group, publisher of BankInfoSecurity.com and CUinfoSecurity.com, announces a new webinar that explores the intricacies of Suspicious Activity Reports (SARs) filings, a regulatory requirement within the financial community that is growing in both volume and complexity. Presenter Kevin Sullivan, a long-time investigator with the NY State Police, offers priceless insider tips to help banking institutions more fully master the art of SARs filings.
The webinar, entitled Expert's Guide to Suspicious Activity Reports (SARS): Tips to Avoid Regulatory Pitfalls & Penalties, debuts June 25.
In these highly regulated times, hundreds of thousands of financial institutions - from depository institutions and insurance companies to casinos and card clubs - are subject to stringent reporting and recordkeeping requirements as dictated by the Bank Secrecy Act (BSA). Perhaps most notably, a Suspicious Activity Report, or SAR, must be filed in the event of questionable financial activity; for example, an unusual deposit or withdrawal. These reports routinely uncover suspected money-laundering activities, such as those which recently led to the resignation of New York ex-Governor Eliot Spitzer.
According to FinCEN, an alarming 4.7 million SARs were filed between 1996 and June 30, 2007. The sheer volume of reports flooding in suggests that the ability to write and file effective reports must now be a core competency among financial institutions. Unfortunately, many institutions don't have the resources to bring that requirement to fruition.
Information Security Media Group now offers that resource, bundled in a single web event. This webinar features exclusive, hands-on advice from renowned AML expert Kevin Sullivan.
"This event is designed to bridge the gap between simply going through the motions and filing a truly effective SAR," says Mike D'Agostino, Marketing Manager at Information Security Media Group. "Having reviewed as many as 4,000 SARs per month, Kevin Sullivan possesses the unique perspective of someone who has seen how financial institutions prepare their SARs. And that learned insight translates into an invaluable resource for banks and credit unions that are already knee-deep in SARs reporting."
Over the course of 90 minutes, Sullivan will guide listeners through the SARs process. He will examine the how, when and where associated with filing a SAR; and present writing guidelines and etiquette. Sullivan will even detail some of the methods that law enforcement uses while gathering financial intelligence and divulge several real-world success stories to bring it all together.
To register for the webinar:
About ISMG: With members representing over 13,000 financial institutions, and regular input from federal banking agency officers and their own board of advisors, ISMG delivers webinars and online training that is focused, timely and -- most important -- useful. Presented by actual practitioners and industry experts, each presentation (ranging from 90 minutes to two-plus hours) delivers how-to and practical information on the inner-workings of information security programs at financial institutions. For more on ISMG's training offerings, view the webinar calendar.