The Financial Crimes Enforcement Network has posted on its website two sets of frequently askedquestions regarding use of its new online suspicious activityreport and currency transaction report.
|Effective April 1, 2013, all institutions must file the reports electronically.
|“If you have any dealings with SARs or CTRs at your creditunion, I'd suggest you read through them,” said NAFCU RegulatoryCompliance Counsel JiJi Bahhur. “As someone who used to be heavily involved infilling out and filing CTRs and SARs, I can say that even I learneda few new things.”
|FinCEN's FAQs include 22 questions for the SAR and 34 questionsfor the CTR. The CTR page includes some prepared PDF samples of howto correctly file the report.
|Issues addressed include whether institutions are expected tocomplete “non-critical” items, and what to do if an institution'ssoftware doesn't permit critical items marked with an asterisk tobe filled out.
|Bahhur addressed those questions and others included in the FAQsin a NAFCU Compliance Blog item posted Wednesday.
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