Regulatory Compliance
THE WORKS BlogCredit Union Compliance News & Views

SAR Guidance

FinCEN released its latest SAR Activity Review – Trends, Tips & Issues document. The document provides information on trends and analysis of SAR filings and law enforcement cases. It also provides information to aid financial institutions on the accurate completion of the SAR form and how to write effective SAR narratives.

A few areas to highlight:

On page 25 the document begins to discuss common SAR filing assistance inquires received by FinCEN. The document provides a ton of useful Q&As on the new SAR form. Page 27 then goes on to discuss how to accurately complete the new SAR form for filing SARs on continual suspicious activity, it even includes pictures!

If you navigate to page 35, the document provides information with respect to basic SAR filing and the importance of completing the SAR accurately. Finally, page 38 discusses the importance of the SAR narrative, along with keys to writing an effective SAR narrative. The document even includes sample SAR narratives for several different SAR filing situations.

All and all, it is an excellent source of information and can prove to be very helpful in the event you become stumped on how to fill out the new SAR form. There are also some really great examples that you can use for your BSA training program.

Have a great rest of the week!

You may also like...