%PDF-1.4 %âãÏÓ 0000082251 00000 n 0000066352 00000 n If you are new to the Compliance Cohort, we are glad you are here and invite you to take a look at our free membership where members have access to free BSA training videos, articles, and other resources that are beneficial for BSA officers and other BSA professionals. Filing Information User guides for BSA E-Filing forms can be accessed below as PDF files. FinCEN and Other Federal Banking Agencies Provide Much-Needed Guidance on Suspicious Activity Reports By Mary K. Treanor on January 26, 2021 Posted in Federal Deposit Insurance Corporation , Federal Reserve , Financial Crimes Enforcement Network (FinCEN) , National Credit Union Administration , Office of the Comptroller of the Currency (OCC) , Suspicious Activity Report (SAR… 0000009206 00000 n 0000003278 00000 n The Financial Crimes Enforcement Network of the U.S. Department of Treasury (“FinCEN”) issued new interpretive guidance last week relating to the application of anti-money laundering (“AML”) laws under the Banking Secrecy Act (“BSA”) to financial institutions engaged in the business of convertible virtual currencies (“CVCs”), including bitcoin and other cryptocurrency. trailer Welcome to the Compliance Cohort’s resource page for FinCEN SAR Guidance. 1060 0 obj <> endobj The PDF files will either open in a new tab or download, based on your browser settings. xref Updates Part IV TIN (Item 80, 2A record, pos. ³C(V½AN&¸-eÓQLær‹ËšÀŒÂ\gÕ(g˜q^&góeE!«&‘Z´pÞå4ĝY$*Ïg\",Fo”lŽg¤ Pfª=§J¤\ʼ£Ë’©êwQËßW‹Ôõ­È¤²RêAIBªWͪiÓ§0^ÞJ=VÌhÊ QÔd^í¬¥£û$•‚Ctì kaq–[ YÁµv¤¬ÔCè/CÿHjñÊnð×EšZÚõƍÂ:‰$³Õ:ŠáXi)ÅS‹ô“$]Õi,)-“f¸%ÕÜQÖP¿)£êãf!ëñhƒ£Ë̓Զ5nͨ¶Ó¸CØ.UJ‡'µiÃ"Æ)¦ë=¶±Ki*I¨––홼;yûFvqäºólˆÈjøD:ùûö:Ürpÿ©‰ GÌ͖6k»IZ]GA©J/ž=z7ó FinCEN Guidance Regarding Due Diligence Requirements under the Bank Secrecy Act for Hemp-Related Business Customers, Providing Financial Services to Customers Engaged in Hemp-Related Businesses, Guidance on the Application of the Customer Identification Program Rule and the Beneficial Ownership Rule to Certain Introducing Brokers, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies, Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions, Sharing Suspicious Activity Reports with U.S. Parents and Affiliates of Casinos, Frequently Asked Questions regarding Prepaid Access. On May 9, 2019, FinCEN released new interpretive guidance regarding the application of the BSA and the AML regulations to digital currencies (or "convertible virtual currencies," as FinCEN calls them). 0000004073 00000 n 0000013130 00000 n 0000083060 00000 n 0000005170 00000 n 0000011675 00000 n FINCEN ADVISOR 4 • FinCEN requests that financial institutions reference this advisory by including the key term “COVID19 UNEMPLOYMENT INSURANCE FRAUD FIN-2020-A007” in SAR field 2 (Filing Institution SAR Form instructions and applicable FinCEN guidance. because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.” . 0000005643 00000 n A consolidated listing of SAR narrative key terms and a link to the related advisories and guidance can be found on FinCEN's website. 0000082400 00000 n 0000007014 00000 n On January 21, 2021, the Financial Crimes Enforcement Network (FinCEN), along with federal financial institution regulators, issued responses to frequently asked questions on suspicious activity reports (SARs) and other anti-money laundering (AML) requirements. FinCEN Guidance FIN-2019-G001, “Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies,” May 9, 2019 (“2019 CVC Guidance”). 0000012639 00000 n 0000000016 00000 n Under the 2019 hemp banking statement, the biggest win for financial institutions was probably the fact that no special or enhanced Suspicious Activity Report (“SAR”) filings are required for customers “. Banks also should consult Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting (October 10, 2007). FinCEN indicates further that natural persons conducting these activities infrequently and not for profit or gain are exempted. FinCEN also encourages filers to enter “COVID19” in Field 2 of the SAR-template for suspected pandemic-related fraud. Include the type of fraud and/or name of the scam or product (e.g., Product Fraud – non-delivery scam) in SAR field 34(z), and Refer to FinCEN’s May 18, 2020 Notice Related to the Coronavirus Disease 2019 (COVID-19), which FinCEN’s June 2020 guidance builds upon the December 2019 joint statement by (1) outlining BSA/AML due diligence expectations, (2) detailing SAR requirements and providing examples, and (3) briefly discussing currency . <<915E945AD741F24581D7991114BCBFBD>]/Prev 466246/XRefStm 2855>> 0000011856 00000 n 1060 51 0000013721 00000 n Appendix L – SAR Quality Guidance Appendix M – Quantity of Risk Matrix – OFAC Procedures Appendix N – Private Banking – Common Structure Appendix O – Examiner Tools for Transaction Testing Appendix P – BSA Record That the U.S. government, the receiver of SAR filings, risks becoming unable to ensure their confidentiality creates new problems for both sides of the SAR filing requirement. This includes the legal effect of FinCEN's, Casinos, Depository Institutions, Insurance Industry, Money Services Businesses, Mortgage Co/Broker, Precious Metals/Jewelry Industry, Securities and Futures, Depository Institutions, Money Services Businesses, Securities and Futures, Depository Institutions, Money Services Businesses, Depository Institutions, Securities and Futures, interim final rule for dealers of precious metals, stones, or jewels, Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations. While it contained numerous provisions concerning the agriculture industry, it notably reclassified hemp – defined as a variety of cannabis that contains .3% or less of tetrahydrocannabinol (“THC”) – removing it as a Schedule I controlled substance under the Controlled Substances Act (the “CSA”) by amending the CSA’s definition of marijuana solely to exclude hemp. From May to December 2019, over 11,000 Suspicious Activity Reports … %%EOF FIN-2019-G001 Issued: May 9, 2019 Subject: Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies 0000013792 00000 n 0000082746 00000 n FY 2018 * FY 2019 FY 2019 to FY 2020 Enacted Annualized CR Request Change % Change FY 2020 1.2 – Budget Adjustments Table Financial Crimes Enforcement Network (FinCEN) FTE FY 2019 Continuing Resolution 332 $ 0000178868 00000 n 0000174274 00000 n 0000013601 00000 n 0000001346 00000 n FinCEN states that the 307 Refer to the FinCEN's SAR Advisory Key Terms. 0000083511 00000 n 0000003059 00000 n 155-179) Description Guidance on submitting better quality Suspicious Activity Reports (SARs) This is a United Kingdom Financial Intelligence Unit (UKFIU) product. Credit unions trying to contact FinCEN should call FinCEN’s Regulatory Support Section (RSS) at 1-800-949-2732 and select option 6 or e-mail at FRC@fincen.gov . Notably, the guidance comes on the heels of FinCEN's announcement in April 2019 that it settled a first of because they are engaged in the growth or cultivation of hemp in accordance with applicable laws and regulations.” 0000083255 00000 n SAR)” to “FinCEN Suspicious Activity Report (FinCEN SAR) Electronic Filing Requirements” and replaces “BSA SAR” with “FinCEN SAR” through the document. startxref It is aimed at all reporters of SARs and is produced in line with the National Crime The FinCEN-issued publications include notices, advisories, and FAQs. 0000066889 00000 n _b»».œ?×yúLljS¡“ÇÇ}4Vo3>1=2?¶ÄhHŸ '°9”4âqUZ„N¨Å3¤FxÁÑÓ>՟SY•š¦fåŠ`º+¦‡ •CiëäÓl€Ã‘¢‚ïÏG:<8ÒK1¶2ÉFtáü˜4Œp„Ò0~ôē’Žà`’ä¨. 0000003408 00000 n FinCEN’s June 2020 guidance builds upon the December 2019 joint statement by (1) outlining BSA/AML due diligence expectations, (2) detailing SAR requirements and providing examples, and (3) briefly discussing currency 0000007129 00000 n 0000005853 00000 n . 0000007514 00000 n Nearly 500 federal… 0000083404 00000 n FinCEN Advisory FIN-2016-A003, “Advisory to Financial Institutions on Email Compromise Fraud Schemes,” September 6, 2016. 0000013911 00000 n 0 0000004623 00000 n 0000082076 00000 n This webpage provides key Coronavirus Disease 2019 (COVID-19) related information or links issued by FinCEN or other U.S. government agencies. 0000003923 00000 n Under the 2019 hemp banking statement, the biggest win for financial institutions was probably the fact that no special or enhanced Suspicious Activity Report (“SAR”) filings are required for customers “. . The FinCEN Guidance clarifies and expands upon the 2019 statement. Even sharing SAR filings between the head office and branches of a bank was once considered problematic enough to require FinCEN guidance to clarify what was allowed. The FinCEN Guidance clarifies and expands upon the 2019 statement. guidance their meaning is limited to the definition provided in the guidance. After its May guidance and increasing regulatory pressure in 2019, FinCEN director Ken A. Blanco expressed his satisfaction with the virtual asset industry’s response in 2019. 0000066059 00000 n The 2011 FAQs are found at http://www.fincen.gov/sites/default/…, Guidance is intended to clarify issues or respond to questions of general applicability that arise under FinCEN regulations 31 CFR Chapter X (formerly 31 CFR Part 103). These FAQs are in addition to, and supplement, the FAQs entitled “Final Rule – Definitions and Other Regulations Relating to Prepaid Access,” which were issued on November 2, 2011. ÍýÚaJ+.âÔ?Á S”Ôö¯Äå~ÚM´€Û§ª…/¼cÂÄW¢ e9 Ë:Ú+{Ç÷ÜÞ¶_.yáC­ÊÒªI*[ÇrŠBFo\£Ém³wäæMÈ/0[&‘HðJ ­ÎÖQ1ÅES§O›¢7š”Ó%”›¬†Ò²ÉK ¯b²´”FÁ±´šTfëôF“SpY-I¼•N©á‘Qdë>AÈ%8ÿÊ̐YZ|Fq´šÑ(ÝöñŸòș-V—MpÆ N"Y¤hµ¢‚×(õ¸H'B !«àÅeÊ9s†‚å˜(æD­e±V Kenneth Blanco, director of FinCEN, highlights the importance and scope of SAR filings and BSA information: 1. Frequently Asked Questions Regarding Customer Due Diligence (CDD) Requirements for Covered Financial Institutions. 1110 0 obj <>stream 0000007242 00000 n The 2018 Farm Billwas signed into law on December 20, 2018. But, according to FinCEN, as of June 30, 2019, just 553 commercial banks and 162 credit unions had filed an SAR for a “marijuana-related business.” View … 0000083136 00000 n 0000006552 00000 n 0000005614 00000 n Based on FinCEN analysis of Bank Secrecy Act (BSA) data, discussions with law enforcement We further conclude that the OCC’s SAR and BSA/AML Compliance Program regulations permit a bank to file a Structuring SAR based solely on an alert under the 1 12 C2 0000149717 00000 n 0000082152 00000 n These revisions do not create any new regulatory requirements or change the current SAR reporting requirements. 0000008088 00000 n 0000008366 00000 n Guidance is intended to clarify issues or respond to questions of general applicability that arise under FinCEN regulations 31 CFR Chapter X (formerly 31 CFR Part 103). hÞ¬–IlgÇßÌØã±ãxfÔûØ8!±Ô8$hc va a‰Ä@ØÂLX2 ›„}3{Â&«ôÐJTŠªPU•ÚC9U]¢*•8Dm}3¶cÇ6…C?5ò›ß÷ÿï}ï³ H ú7 4Ó!#TÀ€˜Ïí3ìÉpíx)ì3åKdìu^íb |‘@¾}Ò 0000012361 00000 n FinCEN 8300 XML User Guide 0000149899 00000 n 0000174166 00000 n 0000008925 00000 n 0000005824 00000 n FinCEN’s June 2020 guidance builds upon the December 2019 joint statement by (1) outlining BSA/AML due diligence expectations, (2) detailing SAR … 0000108984 00000 n Anti-money laundering professionals are especially cognizant of the role SARs play in maintaining a robust Bank Secrecy Act program and in keeping the US financial system secure. The impact of AML professionals continues to be a focal point for FinCEN and is felt more directly from their regular interactions with law enforcement during SAR and BSA information requests. In guidance issued on December 3, 2019 (the “December guidance,” which we analyzed here), FinCEN and other federal regulators clarified that financial institutions are not required to file a SAR regarding a hemp customer “solely FinCEN Updates SAR Form In case you missed it, FinCEN recently announced revisions to the Suspicious Activity Report (SAR). The transfer and reorganization of the BSA regulations from 31 CFR Part 103 to 31 CFR Chapter X has not altered the legal effect of any regulatory obligation nor has it imposed any new regulatory obligations on financial institutions. 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