Posted on January 17, 2007 by DWT

SAR Forms Revised

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Posted by Peter Mucklestone

The Financial Crimes Enforcement Network (FinCEN) has revised the forms of Suspicious Activity Report (SAR). Certain financial companies are required to file SARs with the Treasury Department to report suspicious activity relevant to possible violations of law or regulations. The new forms should not be used before June 30, 2007, and the old forms will not be accepted after December 31, 2007.

There are different forms for different reporting companies. Depository Institutions should use FinCEN Form SAR-DI, Securities and Futures Industries should use FinCEN Form 101, Casinos and Card Clubs should use FinCEN Form 102 and Insurance Companies FinCEN should use Form 108.

The revisions are intended to facilitate joint filings and thereby reduce the number of duplicate SARs filed for a single transaction.

The new forms may be viewed at the FinCEN website.

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