FinCEN: Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting (October 10, 2007)

The Financial Crimes Enforcement Network (“FinCEN”) has noticed common errors in the filing of Suspicious Activity Reports (“SARs”). Although these errors were noted primarily through studying Suspicious Activity Reports by Money Services Business (Form 109) filings, this publication contains an explanation of ten of the most common errors and ways much of them readily can be mitigated could be informative to financial institutions in other industries in their efforts to implement simple strategies to provide accurate and complete information in their SAR filings.