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Incomplete Narratives Among Most Common Errors in SAR Filings, says FinCEN
By Brian Monroe
printLike all good storytelling, any well-crafted suspicious activity report includes five key ingredients in its narrative: the who, what, where, when and why of the suspicious activity. But the absence of these elements is among the most common errors on SARs, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) said Wednesday in a statement. FinCEN, which drew its conclusions from a review of filings mostly from money service businesses, said other common errors included missing or inaccurate identifications, telephone numbers, Social Security numbers and other data. In the five-page guidance, FinCEN suggested that financial institutions can limit these mistakes by...
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