Which individual is primarily responsible for managing SAR files and the disclosure of information?

The Compliance Officer or Senior Officer plays a crucial role in managing Suspicious Activity Reports (SAR) and overseeing the disclosure of information. This responsibility is important because compliance officers ensure that the organization adheres to legal and regulatory requirements, particularly regarding anti-money laundering (AML) laws and the Bank Secrecy Act (BSA).

Managing SAR files involves not only the preparation and filing of these reports but also maintaining their confidentiality and security. The Compliance Officer must be well-versed in the guidelines for when and how SARs should be disclosed to authorities, while also ensuring that sensitive information is handled appropriately within the organization. This role often requires extensive knowledge of relevant regulatory frameworks and the ability to assess risk and suspicious behavior effectively.

In contrast, other individuals such as Loan Officers, Branch Managers, and Risk Management Officers may have a role in the overall risk assessment and loan process but do not typically handle the specific compliance responsibilities associated with SARs and disclosures. They focus on different aspects of the loan origination process and risk management, but the primary oversight of SARs and compliance matters rests with the Compliance Officer or Senior Officer.