If you conduct the BSA training in your credit union and you haven’t heard about Frank Mendoza, you must read this post.
Frank Mendoza was a loss mitigation specialist for Chase Bank who was convicted of unlawfully disclosing the existence of a Suspicious Activity Report (SAR). However, that’s not the whole story. Frank was also convicted of bribery because he attempted to solicit the suspect of the SAR.
Frank was recently back in the news because FinCEN has assessed Frank a $25,000 civil money penalty. FinCEN determined that Frank violated the BSA and its implementing regulations by willfully disclosing the existence of a SAR to a person involved in the reported transaction.
So, if you are looking for a good training story as to why staff should not disclose the existence of a SAR, Frank is your guy.