Recent FinCEN Updates to SAR Requirements

Presented by

Meghan Palanza and Gerrit Boele

About this talk

This June, the FinCEN Suspicious Activity Report (SAR) filing format, which is available on the BSA E-Filing System, will be updated in order to adhere to the changes defined in the Federal Register notice posted in February 2017. During this webinar, notable changes regarding the new SAR requirements will be discussed such as the requirement for batch submissions to be made in an XML-based file, rather than the current ASCII fixed-length delimited file format. Learning Objectives •Review important deadlines and timeframes pertaining to the upcoming FinCEN updates •Understand what’s new for SAR requirements, including subtype selections •Discuss cyber elements, including a new “Cyber Event” suspicious activity type category •Assess how the FinCEN updates to SAR requirements impact financial institutions

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