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FinCEN Revises SAR Forms to Reduce Duplicate Filings
By Matt Squire
printThe Department of Treasury's Financial Crimes Enforcement Network (FinCEN) has revised its suspicious activity reporting forms with the aim of reducing duplicate filings for individual suspicious transactions. Changes made to the Suspicious Activity Report (SAR) will allow joint-filing for depository institutions, casinos, insurance companies, and securities and futures companies, according to a FinCEN press release. With the changes, institutions on each side of a transaction can report suspicious activity jointly and on one form., said Candice Pratsch, a FinCEN spokeswoman, in an email, although each institution must retain documents supporting their decision to file the SAR. "On the other hand,...
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