SAR Document Retention

Question:

What are the guidelines for retaining SAR documentation?

Answer:

According to the "Bank Secrecy Act Anti-Money Laundering Examination Manual" published by the FFIEC, "banks must retain copies of SARs and supporting documentation for five years from the date of filing the SAR."
Note: Be sure to talk to your legal and compliance departments before making retention decisions.

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Learn about SAR document management.

Vendor:

AccuSystems

AccuSystems develops document management and exception tracking software for financial institutions. Trusted by more than 15,000 bankers worldwide, AccuAccount automates exception tracking, streamlines audits, and simplifies loan imaging. Request a demo, register for a webinar, or download a free whitepaper.