CUNA Regulatory Comment Call
October 18, 1999
Suspicious Activity Report
(Not a Major Rule)
The Financial Crimes Enforcement Network (FinCen), and the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Federal Reserve Board, and the Federal Deposit Insurance Corporation (collectively referred to as the "Agencies") have jointly issued a notice and request for comment concerning the Suspicious Activity Report. The SAR is being streamlined and formatted for four-digit dates. No new reporting requirements are being added.
Comments are due by November 29, 1999. Please submit your comments to CUNA by November 22. Please feel free to fax your responses to CUNA at 202-371-8240; e-mail them to Associate General Counsel Mary Dunn at mdunn@cuna.com or to Assistant General Counsel Jeffrey Bloch at jbloch@cuna.com; or mail them to Mary or Jeff in c/o CUNA's Regulatory Advocacy Department, 805 15th Street, NW, Suite 300, Washington, DC 20005. You may also contact us if you would like a copy of the notice, which includes a copy of the proposed form. If you would like to access the notice on the Internet, please click here to go to the Federal Register Website. Please enter "9/28/99" as the date and type "FinCen" as your search term.
BRIEF BACKGROUND
In 1985, the Agencies issued procedures to be used by financial institutions to report known or suspected criminal activities to the appropriate law enforcement agencies and to the Agencies. Beginning in 1994, the FinCen and the Agencies redesigned the reporting process resulting in the existing SAR, which became effective in April 1996.
BRIEF DESCRIPTION OF THE NOTICE
The notice revises the SAR without making substantial additions to the content of the form. The changes include the following:
- conforming all date items to a four-digit year;
- ministerial changes, such as renumbering, clarifications, and changes to improve usefulness;
- blocks for a number of items have been expanded to allow for more information, including Zip Code items and items requiring dollar amounts;
- items have been deleted, including questions regarding the size of the institution and the birth date of witnesses;
- the question asking for the address of the law enforcement agency has been replaced with a question asking for the name and telephone number of the person contacted at the law enforcement agency;
- the section "Preparer Information" (Part V) has been deleted and the information will be provided in the section "Contact Information" (Part VI);
- the question concerning the type of report prepared has been clarified by eliminating "Supplemental Report" so that the question will now ask whether the report being filed is an "Initial Report" or an "Amended Report;" and
- the question regarding the summary characterization of the activity has been revised by adding a box labeled "Computer Intrusion" and the instructions will provide guidance as to what would be considered a "Computer Intrusion."
QUESTIONS TO CONSIDER REGARDING
THE NOTICE ON SARs
- Do you agree that all of the changes described in the notice will improve the SAR reporting requirements
- Do you believe that all of the information requested on the SAR is necessary? Are there any questions that could be deleted other than the ones described in the notice? Are there other ways to reduce the burden of the SAR reporting requirements?
- Other than those described in the notice, do you have other suggestions for changes that would improve the quality, clarity, or usefulness of the information that is collected on the SAR?
- What costs do you incur in order to provide the information requested on the SAR?
- Other comments?
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Leagues and credit unions should feel free to fax their responses to CUNA at 202-371-8240; e-mail them to Jeffrey Bloch at jbloch@cuna.com or mail them to CUNA's Regulatory Advocacy Department, Suite 300, 805 15th Street, NW, Washington, DC 20005. Thank you!!
