To All Depository Institutions and Others Concerned
in the Second Federal Reserve District:
The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies have announced that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) has been revised to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction. The revisions are the result of a joint effort by FinCEN and the federal banking agencies.
Recently approved by the Office of Management and Budget, the revised SAR-DI format is being released today to allow depository institutions subject to SAR filing requirements to begin initial planning for the effective implementation date of June 30, 2007. On this date, depository institutions will have the option of using either the existing or the revised SAR-DI formats. Use of the revised format for filing will become mandatory December 31, 2007.
This is an approved final form, but the form should not be filed until the actual effective implementation date of June 30, 2007.
Any questions regarding the revised format may be directed to the FinCEN BSA Forms Manager via the FinCEN Helpline at 1-800-949-2732 (option 6) or to the appropriate federal banking agency.
See the Board’s press release for full details.