Notification to board of directors

The management of an institution must notify the institution’s board of directors of the fact that the SAR has been filed. Management should give the notice to a committee or executive officers if the board has designated a committee or officers to receive the notice. [12 CFR 21.11(h)(1)] If a director or executive officer is a suspect, management should notify only directors who are not suspects. As we point out in the next section, SARs are confidential and notifying a suspect is prohibited. [12 CFR 21.11(h)(2)]