Filing SARs for employee theft

Question: Do we have to file a Suspicious Activity Report when an employee steals from the bank, even if the amount is very small?

Answer: Yes, you must file the SAR in every instance of employee theft even if the employee only took parking money. However, don't expect much to come from this. You won't find the FBI on your doorstep just because an employee took parking money. This information becomes part of a data base that law enforcement uses to investigate crimes and to study patterns that may indicate criminal activity. Each SAR can become an important part of that database. So don't delay filing the SAR just because it doesn't seem important. The honesty level of bank employees is very, very important. By the way, the employee was fired, wasn't s/he?

Copyright © 2001 Compliance Action. Originally appeared in Compliance Action, Vol. 6, No. 9, 8/01