By: Kyle Davis CRCM, CAMS
On January 26, 2018, FinCEN finalized several proposed updates to the Suspicious Activity Report (SAR). FinCEN anticipates that the new SAR will be available for discrete filers in June 2018. Batch filing institutions will be required to submit the updated SAR data in an XML based file, rather than the current ASCII based fixed-length delimited file. However, the BSA E-Filing System will continue to accept ASCII based batch files until January 1st, 2019. Batch filers will have six months from the go-live date in June to adhere to the new XML specification. To see a detailed listing of the changes, click here to see FinCEN's announcement.
On January 26, 2018, FinCEN finalized several proposed updates to the Suspicious Activity Report (SAR). FinCEN anticipates that the new SAR will be available for discrete filers in June 2018. Batch filing institutions will be required to submit the updated SAR data in an XML based file, rather than the current ASCII based fixed-length delimited file. However, the BSA E-Filing System will continue to accept ASCII based batch files until January 1st, 2019. Batch filers will have six months from the go-live date in June to adhere to the new XML specification. To see a detailed listing of the changes, click here to see FinCEN's announcement.
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