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BANK SECRECY ACT REPORTING

BSA/AML, OFAC and Fraud
July 3, 2003


TO: CHIEF EXECUTIVE OFFICER (also of interest to BSA/Compliance Officer)
SUBJECT: Suspicious Activity Report Changes
Summary: Changes have been made to the Suspicious Activity Report.

Pursuant to Part 353 of the Federal Deposit Insurance Corporation (FDIC) Rules and Regulations, all insured state-nonmember banks, as well as any insured state-licensed branches of foreign banks, are required to file a Suspicious Activity Report (SAR) when a known or suspected criminal violation of federal law or a suspicious transaction related to a money laundering activity or a violation of the Bank Secrecy Act is detected. This form has recently been revised and is attached. The revised form contains three changes from the previous version:

  • Part III - Includes the addition of two check boxes for terrorist financing and identity theft.
  • Part V - Includes a statement listing the Financial Crimes Enforcement Network (FinCEN) Web site for tips on SAR form preparation.
  • SAR Instructions - The Safe Harbor provision has been updated to incorporate USA PATRIOT Act changes.

Beginning July 1, 2003, all financial institutions, as well as any insured state-licensed branches of foreign banks, are requested to use the new form. This form is available in Adobe format on the FinCEN Web site at www.fincen.gov and is available in Word and Adobe format on the FDIC Web site at www.fdic.gov . Please distribute this information to the appropriate personnel in your institution.

For your reference, FDIC Financial Institution Letters may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/2003/index.html . To learn how to automatically receive FDIC Financial Institution Letters through e-mail, please visit http://www.fdic.gov/news/news/announcements/index.html .

Michael J. Zamorski
Director

Attachment: July 2003, Sucpicious Activity Report
PDF (111 KB File - PDF Help or Hard Copy )
Word (171 KB File - Word Help or Hard Copy )

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: 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, option 5, or (703) 562-2200).


Last Updated: July 3, 2003