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Washington
BSA e-filers have new SAR validations process
WASHINGTON (12/7/09)—As of Dec. 12, the Financial Crimes Enforcement Network (FinCEN) will launch the second phase of its Bank Secrecy Act (BSA) E-Filing Suspicious Activity Report (SAR) Acknowledgements and Validation process. Phase I was implemented in September and provided BSA E-Filers with an acknowledgement of receipt for a submitted SAR. This second phase, according to FinCEN, applies data quality checks and will provide filers with information on the quality of their submissions for electronically filed SARs of all types: Suspicious Activity Report by Depository Institutions (SAR-DI), Suspicious Activity Report by the Securities and Futures Industries (SAR-SF), Suspicious Activity Report by Casinos and Card Clubs (SAR-C), and Suspicious Activity Report by Money Services Businesses (SAR-MSB). The BSA E-Filing system offers filers a self-enrollment feature. There is no enrollment deadline at this time; however, FinCEN strongly encourages filers to enroll to receive critical error feedback through this feature.
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