FinCEN Proposes SAR Data Fields Revisions

Agency Rule-Making & Guidance Bank Secrecy Act Federal Register FinCEN

FinCEN published, at 82 FR 9109 in the Federal Register, a notice and request for comment on proposed updates and revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (“BSA”). While the notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting, it suggests changes to the required data fields used when filing SARs under the BSA. The majority of the proposed changes would alter the "checklist" of violations in Part II of the filings, including the addition of several fields related to cyber events. Written comments must be received on or before April 3.