A licensing coordinator is resolving Bank Secrecy Act SAR during a loan-team coaching session. Which action best fits the rule?
Correct Answer
B) Do not tell the borrower whether a SAR will be filed
SAR rules require reporting or escalation of suspicious activity and prohibit tipping off subjects. The best answer is "Do not tell the borrower whether a SAR will be filed".
Why This Is the Correct Answer
SAR rules require reporting or escalation of suspicious activity and prohibit tipping off subjects. The best answer is "Do not tell the borrower whether a SAR will be filed".
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