Financial Institutions to Get Revised Suspicious Activity Report Form

Beginning mid-year, depository institutions will have a revised Suspicious Activity Report form (SAR-DI), designed to reduce duplication in SAR filings. The Financial Crimes Enforcement Network (FinCEN), together with the federal financial regulatory agencies, issued the revised form in December.

Although not to be effective until June 30, the form was released now to allow depository institutions subject to SAR filing requirements to plan for implementation. Use of the revised format will become mandatory December 31, 2007. The form would allow two or more depository institutions to file a single report on a single suspicious transaction.

The form is available for downloading at the FinCEN Web site (http://www.fincen.gov) under "What's New."

Source: Appraisal Institute Publications