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News Now

Washington
Comment on FinCEN SAR database changes sought
WASHINGTON (11/29/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on the Financial Crimes Enforcement Network’s (FinCEN) proposed changes to its Bank Secrecy Act (BSA) database. FinCEN has released a series of proposed data fields within the database related to Suspicious Activity Report (SAR) filings by financial institutions. The network has not proposed any new regulatory requirements or attempted to change any SAR-related requirements. Rather, FinCEN is seeking comment on technical matters related to transitioning from the current paper-based system to a modernized information technology environment designed for electronic reporting. The new database will accept XML-based dynamic, state-of-the-art reports, and added that few changes to the existing batch and computer-to-computer filing processes will be made, FINcen said. Comments should be sent to CUNA by Dec. 8. FinCEN will accept comments on the proposal until Dec. 14. For the full comment call, use the resource link.


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