On February 15, 2017, FinCEN publishes a notice in the Federal Register requesting comments on a proposed update and revision to the collection of information filed by banks in a SAR. Most of these changes would be in Part II (Suspicious Activity Information). The good news is the proposal states there are no new regulatory requirements or triggering requirements related to SARs. However, because new data fields will be added to the SAR form this likely will […]
Category: AML
FinCEN Proposes Rule
On July 30, 2014, the United States Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) that, if finalized, will amend the Bank Secrecy Act regulations to enhance customer due diligence (CDD) requirements imposed on financial institutions (i.e. banks, brokers and dealers in securities, mutual funds, and future commission merchants and introducing brokers in commodities). In an effort to increase financial transparency and protect the financial system from […]