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Financial Institution Letters

Bank Secrecy Act
Delayed Implementation of Revised Suspicious Activity Report by Depository Institutions Form
FIL-49-2007
June 15, 2007


Summary: The Financial Crimes Enforcement Network (FinCEN) has announced delayed implementation of the revised Suspicious Activity Report by Depository Institutions (SAR-DI) form. The revised form was scheduled to take effect on June 30, 2007, and become mandatory on December 31, 2007. FinCEN will establish new dates for implementing the new SAR-DI.

Highlights:

  • On May 1, 2007, FinCEN published the attached Federal Register notice announcing a delay in the implementation of the revised SAR-DI form, which was scheduled to become effective on June 30, 2007, and mandatory on December 31, 2007.
  • The form is being revised to standardize it with SARs used by financial institutions in other industries, and to facilitate joint filing with other depository institutions.
  • FinCEN will announce new effective and mandatory dates for the revised form in a future Federal Register notice.
  • This announcement does not impact ongoing BSA filing requirements. Financial institutions should continue to report suspicious activity by using the current SAR-DI form.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Bank Secrecy Act/Anti-Money Laundering
Programs

Attachment:
May 1, 2007, Federal Register notice:
http://www.fincen.gov/sar_fr_notice.pdf - PDF (PDF Help)

Contact:
Sr. Program Analyst Charles W. Collier at
SAS FIL@FDIC.gov or (202) 898-8506

Printable Format:
FIL-49-2007 - PDF (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at: http://www.fdic.gov/news/news/financial/2007/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or 202-416-6940).




Last Updated 06/15/2007 communications@fdic.gov