Suspicious Activity Reporting

00-CU-04 / July 2000
Suspicious Activity Reporting
To
Federally Insured Credit Unions
Subject
BSA/AML
Status
Active
To
Federally Insured Credit Unions
Subj
Suspicious Activity Reporting

I am writing to advise you that, effective immediately, the revised Suspicious Activity (SAR) Form is now available for your use in reporting suspicious activity pursuant to existing NCUA and FinCEN regulations. You may continue to use the existing SAR form while you update your systems and procedures to make use of the new form. However, no versions of the SAR form, other than the new revised SAR form that is being issued today, will be accepted after December 31, 2000. The revisions to the SAR form reflect comments from credit unions and others on how to make the SAR form easier to complete and to provide more useful and timely information.

In addition to the new SAR form, new software has been developed and is available to assist in the preparation and filing of SAR forms. The new SAR software is available from FinCen’s website, www.fincen.gov. This site can be accessed directly or by hyperlink from NCUA’s website, www.ncua.gov. The new SAR form and guidance are available on both websites.

With the issuance of the new SAR form and SAR software, credit unions will be able to file the new form by:

  • Using the new SAR software to complete the SAR form, save it on a diskette and mailing it to the Detroit Computing Center, as set forth in the SAR instructions.
  • Using the new SAR software to complete the SAR form and then printing a paper version of the completed SAR form and mailing it to the Detroit Computing Center, as set forth in the SAR instructions.
  • Producing a magnetic tape of SAR forms (using revised specifications obtained from the Detroit Computing Center) and mailing it to the Detroit Computing Center.
  • Completing (if none of the above options is available) the paper version of the SAR and mailing it to the Detroit Computing Center, as set forth in the SAR instructions.

A copy of a press release announcing the revised SAR, a copy of the SAR form, and guidance to assist in completing it are attached as enclosures. For any questions regarding the newly issued SAR form, contact John Ianno at NCUA, 703-518-6540 or FinCEN.

Sincerely,

/s/_

Norman E. D’Amours

Chairman

National Credit Union Administration Board