WASHINGTON — The Financial Crimes Enforcement Network and the federal banking agencies, including NCUA, jointly released a new Suspicious Activity Report by Depository Institutions to help avoid duplicate filings for one transaction.
Though the Office of Management and Budget has already approved the form, it is only being released now for planning purposes. Institutions should not use it until after June 30, 2007, when they will have the option of using the new or existing form. The revised format will become mandatory Dec. 31, 2007.
Capability for electronic filing is being finalized, as are the Magnetic Media Specifications. The PC fill-in version can be downloaded from FinCEN's Web site (www.fincen.gov) under "What's New."
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