The Federal Deposit Insurance Corporation (FDIC), in conjunction with the other financial institution regulators and the Financial Crimes Enforcement Network (FinCEN), has issued a revised Suspicious Activity Report (SAR) form. All FDIC-supervised financial institutions may immediately begin using the new SAR, but may also continue using the existing form while procedures and systems are updated to make use of the new SAR. All banks, however, must start using the new SAR form by December 31, 2000.
Banks and other financial institutions are required to use the SAR form to notify law enforcement agencies when they detect a known or suspected violation of federal law, including a violation of the Bank Secrecy Act or a suspicious transaction related to money laundering activity. A press release announcing the new form may be found at
www.fdic.gov/news/news/press/2000/pr0042A.html. A link in the press release also directs you to a copy of guidelines to assist in preparing the form. The revised form and revised software are available on FinCEN's Web site at www.fincen.gov/reg_bsaforms.html. Hard copies of the press release, form and guidelines also are attached for your information.
The new SAR has been designed so that it easier to complete. An important change to the form is the addition of a box to check to report computer intrusion.
Any questions about the form may be directed to your FDIC Division of Supervision Regional Office. For your reference, all FDIC Financial Institution Letters published since January of 1995 may be found on the FDIC's Web site at www.fdic.gov under "News, Events & FOIA."
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 (800-276-6003 or (703) 562-2200).