Regulatory Alerts2007-10-10
Added
Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting
FinCEN identifies ten common errors in Suspicious Activity Report (SAR) filings, including empty narrative fields, failure to explain supporting documentation, and inaccurate or missing critical data such as Employer Identification Numbers and Social Security Numbers. The guidance requires financial institutions to ensure narratives explain why activity is suspicious, use only form-approved special responses for unavailable data, and accurately categorize the type and character of the suspicious activity. To mitigate these errors, FinCEN suggests signing up for BSA E-filing, training preparers on current form instructions, using mock examples with 'John Doe' data, and implementing a second reviewer for accuracy.
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