FinCEN Issues FAQs For Filing SARs And CTRs

The Financial Crimes Enforcement Network has issued two sets of frequently asked questions on the use of the new online suspicious activity report and currency transaction report – the only acceptable forms of SAR and CTR filings as of April 1, 2013.

The FAQs cover various issues, including filing timelines and how to save the online report to return to later. Also noted are:

•    how to aggregate multiple transactions, for a CTR;
•    how to file a CTR if transactions have occurred at multiple branches;
•    the new definition of an “unauthorized electronic intrusion” for the purposes of the new SAR form.

The FAQs are addressed in today’s NAFCU Compliance Blog. NAFCU Regulatory Compliance Counsel JiJi Bahhur, in today’s post, highlights FinCEN’s advice on whether financial institutions are expected to fill out all “non-critical” items and what to do if an institution’s software only allows certain items to be filled out. FinCEN also has a hotline – (800) 949-2732 – for regulatory questions and concerns.

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