The New FinCEN-CTR & FinCEN-SAR: Part 2: The FinCEN-SAR Report
Use of the FinCEN CTR, SAR, and DOEP is mandatory after March 31, 2013. This series reviews instructions for completion of the new reports, emphasizing the commonalities and the differences between them and the legacy form.
This tele-web seminar will begin on Thursday, November 29, 2012 at 11:30 AM to 1:30 PM Pacific Time.
Use of the FinCEN CTR, SAR, and DOEP is mandatory after March 31, 2013. This series reviews instructions for completion of the new reports, emphasizing the commonalities and the differences between them and the legacy form. Attendees will be able implement the necessary changes to their processes and internal training for identifying suspicious activity and forms completion. The presentation has been updated and reflects changes made in the report’s instructions in October, 2012.
The new FinCEN-SAR Report (formerly BSA-SAR) reflects changes in the categorization of suspicious activity that have a tangible effect on what a depository institution would consider as suspicious activity and how it should be reported.
We encourage you to prepare for this program in advance by viewing a brief webinar presented by FinCEN. Go to http://www.fincen.gov/ under”What’s New” to view the webinar.
- Electronic version only; no paper report
- Multi-industry format
- New information requirements
- Including case numbers
- Identifying contact office vs. contact personnel
- Amended SARs
- Joint SARs
- Continuation SARs
- Disposition of public comments received to date on the FinCEN-SAR
- Adding an Excel compatible file to the SAR as an attachment
- Multiple types of “structuring”
- “Fraud” includes many activities beyond bank fraud
- Identifying specific “red flags” involved in suspicious activity
- Identifying specific “red flags” involved in identification/documentation
- Identifying specific types of mortgage fraud
- Identifying “other” types of suspicious activity
- Identifying product types and instrument (s) involved
- Reporting IP addresses
- Identifying the “subject” (not the suspect)
- The narrative description
- Correction procedures
- Error codes.
BSA officers, auditors and trainers with filing responsibilities. Explanations and comments are from an operational, not an IT perspective. This program does not meet the training needs of frontline personnel.
Ken Golliher is a principal with Pegasus Educational Services, LLC. He is an experienced banker with a unique ability to reduce complex legal concepts to plain English. Prior to becoming a full-time trainer, Ken was a community banker and General Counsel for a regional consulting firm for financial institutions. He has served on Compliance Schools sponsored by the OTS and the FDIC, and he has presented banking schools and seminars in over 25 states.
2.0 total credits
Member price: $250.00 | Non member price $500.00