Regulatory Alerts2009-12-10
Added
Requirements for Correcting Errors in Electronically Batch-Filed Suspicious Activity Reports
FinCEN requires batch filers of Suspicious Activity Reports to submit corrected filings for primary errors, such as blank narratives or missing Employer Identification Numbers, within 30 days of receiving error notifications. Secondary errors, which do not seriously degrade data quality, must be prevented in future filings and corrected only if the same report contains primary errors. Corrections must be submitted through the BSA E-Filing System with specific narrative descriptions, the original Document Control Number, and updated dates. The guidelines define specific primary and secondary error codes for SAR-C, SAR-DI, SAR-MSB, and SAR-SF forms.
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