The loan team is resolving BSA Suspicious Activity Reporting during a quality-control sample. Which action best fits the rule?
Correct Answer
A) 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".
More Ethics & Fraud Questions
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In a training scenario, an outside party asks for borrower bank statements without a permissible basis. What action best follows the rule?
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A borrower-facing employee is unsure what to do when a loan officer wants different terms because of a protected applicant characteristic. What is the correct response?