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.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry