Criminal Referral Form [Banking]: A Guide to Its Legal Definition and Use

Q: Is the criminal referral form still in use?

No, it has been replaced by the suspicious activity report.

Q: Who needs to file a suspicious activity report?

Any financial institution that identifies suspicious transactions must file a SAR.

Definition & Meaning

A criminal referral form, often abbreviated as CFR, is a document used by banks to report instances of criminal activity involving bank employees or affiliates. This includes offenses such as credit card fraud, employee theft, and check-kiting. The form was in use from 1988 until 1996 but has since been replaced by the suspicious activity report (SAR). The CFR was an essential tool for banks to comply with federal regulations aimed at preventing financial crimes.

Table of content

Legal Use & context

The criminal referral form is primarily used in the banking sector to report suspicious activities that may indicate criminal behavior. It plays a crucial role in compliance with federal laws, particularly the Bank Secrecy Act, which mandates banks to report certain transactions. Legal areas relevant to this term include criminal law and financial regulation. Users can manage the reporting process by utilizing legal templates provided by services like US Legal Forms, ensuring they meet compliance requirements effectively.

Key legal elements

Real-world examples

Here are a couple of examples of abatement:

For instance, if a bank employee notices unusual patterns in a customer's transactions that suggest structuring to evade reporting requirements, they would need to complete a criminal referral form to report this suspicion to the government. (hypothetical example)

Relevant laws & statutes

The primary law governing the use of criminal referral forms is the Bank Secrecy Act, specifically:

31 U.S.C.S. §§ 5313, 5324 " Reporting requirements for financial institutions.
31 C.F.R. § 103 " Regulations concerning the reporting of suspicious activities.

Common misunderstandings

What to do if this term applies to you

If you suspect that a bank employee is involved in criminal activity, it is crucial to report your findings immediately. You can use US Legal Forms to access templates for filing a suspicious activity report, which is the current requirement. If the situation is complex or involves legal implications, consider consulting with a legal professional for guidance.

Find the legal form that fits your case

Browse our library of 85,000+ state-specific legal templates.

This field is required

Quick facts

Attribute	Details
Form Name	Criminal Referral Form (CFR)
Replaced By	Suspicious Activity Report (SAR)
Reporting Requirement	Under the Bank Secrecy Act
Typical Use	Reporting suspicious transactions