I looked for guidance on this issue, but found nothing for my situation. Filed a SAR on an individual for frequent cash deposits and issuance of cashier's checks. This individual has now formed a corporation and closed the personal account and activity is occuring in new business account. I want to send an updated SAR. Is this a situation where I would select corrected report and explain the new activity or would this be a new SAR? Thanks for your help.

As long the information you filed in the original SAR (The activity which related to the personal account) was accurate, I dont see how/why you would need to file a corrected SAR.

I would file a new SAR with the information on the business entity. As long as the activity still warrants filing of course.

IMHO, you can file a supplemental SAR. You have the same activity and the same person involved. The only difference is that now he is doing it in the name of a corporation. Remember, companies do not conduct transactions, only people do that. I would file a supplemental SAR with the corporation added as an additional suspect. The individual suspect would be the same.

So I would just notate supplemental SAR in the Narrative in Part V?

Yes, and you should keep the original starting date of the activity in Box 33 and aggregate the new activity with the old in Box 34.

In my narratives I always begin: This is a follow-up to a SAR filed on mm/dd/yyy.

I would treat as a supplemental SAR as well. It is important to tie the SARs and account activity together for law enforcement.