The Financial Crimes Enforcement Network and the federal banking agencies have revised the format for the Suspicious Activity Report by Depository Institutions to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction.Recently approved by the Office of Management and Budget, the revised SAR-DI format won't go into effect until June 30, 2007. But the new form is being released now to allow depository institutions subject to SAR filing requirements to begin planning for the June implementation date. As of June 1, depositories will have the option of using either the existing or the revised SAR-DI formats. But as of Dec. 31, 2007, the revised format for filing will become mandatory. The ability to file SARs electronically is currently being finalized. Financial institutions can review and download the PC fill-in version from the FinCEN website under "What's New." The accompanying form instructions contain critical "how-to" information for completing the form. The FinCEN website can be found online at http://www.fincen.gov.
-
In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
4h ago -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27 -
Audited financials, proof of fidelity bonds and errors and omissions insurance must be provided on Ginnie Mae Central after May 13.
March 27 -
Deferrals are up but still haven't outpaced loan modifications in conservatorship-era foreclosure prevention, according to the Federal Housing Finance Agency.
March 27