Office of Thrift Supervision

Financial Crimes Enforcement Network
Board of Governors of the Federal Reserve System
Office of the Comptroller of the Currency
Office of Thrift Supervision
Federal Deposit Insurance Corporation
National Credit Union Administration

Suspicious Activity Report (SAR) Revised To Support Joint Filing and Reduce Duplicate SARs

The Financial Crimes Enforcement Network (FinCEN) and the federal banking agencies* announced Thursday that the format for the Suspicious Activity Report by Depository Institutions (SAR-DI) has been revised to support a new joint filing initiative, which will reduce the number of duplicate SARs filed for a single suspicious transaction. The revisions are the result of a joint effort by FinCEN and the federal banking agencies.

Recently approved by the Office of Management and Budget, the revised SAR-DI format is being released today to allow depository institutions subject to SAR filing requirements to begin initial planning for the effective implementation date of June 30, 2007. On this date, depository institutions will have the option of using either the existing or the revised SAR-DI formats. Use of the revised format for filing will become mandatory December 31, 2007. The ability to file using E-Filing, or electronic filing, is currently being finalized, as are the Magnetic Media Specifications.

This is an approved final form, but the form should not be filed until the actual effective implementation date of June 30, 2007.

Financial institutions can review and download the PC fill-in version (using Adobe Reader or Acrobat) from the FinCEN website at www.fincen.gov under “What’s New.” The accompanying form instructions contain critical “How to” information for completing the form.

Any questions regarding the revised format may be directed to the FinCEN BSA Forms Manager via the FinCEN Helpline at 1-800-949-2732 (option 6) or to the appropriate federal banking agency.

*Note: The federal banking agencies are the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the National Credit Union Administration.

The Office of Thrift Supervision, an office of the Department of the Treasury, regulates and supervises the nation's thrift industry. OTS's mission is to ensure the safety and soundness of, and compliance with consumer protection laws by, thrift institutions, and to support their role as home mortgage lenders and providers of other community credit and financial services. OTS also oversees the activities and operations of thrift holding companies that own or control thrift institutions. Copies of OTS news releases and other documents are available at the OTS web page at www.ots.treas.gov.

Created: Thursday, 12/21/2006