Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA FinCEN should streamline suspicious activity reports
WASHINGTON (6/3/09)—The Credit Union National Association (CUNA) has asked the Financial Crimes Enforcement Network (FinCEN) to streamline the process by which financial institutions submit their suspicious activity reports. FinCEN and federal banmking authorities are currently planning to reissue an unchanged version of the suspicious activity report for depository institutions (SAR-DI). In a letter sent to FinCEN on Monday, CUNA responded to a call for comments by suggesting that FinCEN change SAR-DI to allow financial institutions to file only newly uncovered information in their periodical reports. Portions of the SAR-DI form that are redundant could simply be cross-referenced with an earlier filing, thus saving the financial institution from having to replicate the entire form for each new filing, CUNA suggested. CUNA also advocated allowing SAR-DI filings to follow a format similar to that of Currency Transaction Reports (CTR). Currently, financial institutions filing a CTR are allowed to attach copies of previously filed information to the new information contained on a separate form. FinCEN should also provide “additional narrative and suspect pages” in its SAR-DI forms, CUNA added. Additionally, CUNA suggested extending the repetitive filing threshold beyond the current 90 day schedule, as such a move would “lessen the burden of these filings on financial institutions.”


RSS





print
News Now LiveWire
Matz: Revised @TheNCUA #RBC rule for #creditunions 2 B unveiled 1/15/15, 90-day comment period to follow #newsnow http://t.co/qABhvghSTU
1 Day ago
Just announced: @TheNCUA board will consider a revised risk-based capital rule at its Jan 15 mtg. See #NewsNow Monday for more info.
1 Day ago
Nearing one-yr anniversary of data breach, @Target asks for class action suits to be dismissed via @BloombergNews http://t.co/kra6kupd35
1 Day ago
.@PeoplesTrustFCU has been recognized with the Juntos Avanzamos designation by @Cornerstone_CUL for its service to the Hispanic community
1 Day ago
#NewsNow: Rep. Hensarling names #HFSC subcommittee chairs. http://t.co/dXAMZdpn1p
1 Day ago