BSA/AML, SAR: SARs & Board of Directors Meeting Minutes

Question 

We report our SARs (if any) to the Board of Directors at the monthly meeting.  But we are worried about confidentiality.  Help!  What should be in our minutes?

Answer 

Your board minutes should reflect that the board received the report of SARs filed that month.  However, the actual report is confidential and should NOT be attached to the minutes.  Do NOT include the names of the alleged perps.  One cautious way to handle this is to hand out the report and then pick it up at the end of the meeting!