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Washington
FinCEN seeks comment on SAR database changes
WASHINGTON (10/18/10)--The Financial Crimes Enforcement Network (FinCEN) on Friday said it is accepting public comment on its pending Bank Secrecy Act (BSA) database redesign. Specifically, FinCEN is seeking comment on its proposed list of data fields within the Database that will support Suspicious Activity Report (SAR) filings by financial institutions required to file such reports under the BSA. FinCEN said that it is not proposing “any new regulatory requirements nor changes to the requirements related to suspicious activity reporting, ” but is seeking “input on technical matters” as the agency transitions “from a system originally designed for collecting paper forms to a modernized IT environment for electronic reporting.” The new database “will accept XML-based dynamic, state-of-the-art reports,” and few changes to the existing batch and computer-to-computer filing processes will be made, FinCEN said. For the FinCEN release, use the resource link.
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