Fin CEN publishes Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting

On October 10, 2007, the Financial Crimes Enforcement Network (FinCEN), is a US network bringing people and information together in order to fight money laundering, published a document called Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting.

The document was aimed to discuss some common errors in the filing of Suspicious Activity Reports (“SARs”) noticed by FinCEN. It enlists and provides an explanation of 10 of the most common errors. The documen also discusses ways the errors can be mitigated.

The target audience for whom the document was published is financial institutions in different industries wishing  to implement simple strategies for providing accurate and complete information in their SAR filings. Also it should be useful for SAR filers trained on the requirements that could achieve significant improvements to the SAR filing without many additional efforts. 

The published Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting are important as, accurate complete SARs are an effective tool in fighting money laundering.

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