In a notice just published in the Federal Register on May 26, 2020 (the Notice), the Financial Crimes Enforcement Network (FinCEN) proposes to overhaul how it calculated the burden of filing suspicious activity reports (SARs), including determining not to file one, and asks for comment on the proposal.1
Despite this Notice being issued during the pandemic, the financial industry should not miss this opportunity to better inform FinCEN of current burdens associated with SAR filings. Indeed, the Notice presents a unique opportunity for the industry to explain, on a granular level, the burden imposed by SAR filing requirements for every stage of the monitoring, detecting and reporting SAR lifecycle and to clarify FinCEN’s assumptions on the costs and time associated with such filings.
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