Click to return to BOL home page



April 24
BSA/AML Compliance: Writing the SAR Narrative
Ken Golliher

April 29
HSA Basics
Whitney Johnson

April 29
Required Training for Loan Originators
Mary Beth Guard and Jack Holzknecht

May 13
Overdraft Practices in Today's Regulatory Environment
John Burnett

May 14
Reg E Claims - Allocating Liability Correctly
Andy Zavoina

May 15
Managing Electronic Information - From A to Zettabyte
Fred Menge



Topic Options
#172112 - 03/22/04 03:09 PM FinCEN SAR Software Version 5.1
MackenzieS Offline
Diamond Poster

Registered: 07/08/02
Posts: 1722
Loc: Oklahoma
Have any of you downloaded this software for processing SARs? The directions on the website state that you have to apply for a Transmittal Code Number from the Detroit Processing Center before you install the software.

I have a couple of questions, first - do you have to call and obtain this information or do you have to print and fax the "Application for Magnetic Media Reporting of Suspicious Activity Reports"? My next question is - if you have to file through a diskette where is the benefit? To me it is easier to type the report, print, and mail it.

I hope someone can shed some light on this. Has anyone heard if FinCEN ever intends to create a secure site where we can file reports via the internet and do away with diskettes and paper?

Here is the site in case anyone else is interested: FinCEN

Top
BSA/AML/CIP/OFAC
#172113 - 03/22/04 03:52 PM Re: FinCEN SAR Software Version 5.1
BooBoo Offline
Member

Registered: 02/19/03
Posts: 61
Loc: KC, MO
Print and fax the form to get the code assigned to your bank. We use the software to prepare the SAR, but print and mail it rather than sending the diskette (we only do about 6-8 SARs a year).
_________________________
Please take all comments with a grain of salt (preferably on the outside of a margarita glass).

Top
#172114 - 03/22/04 03:56 PM Re: FinCEN SAR Software Version 5.1
To Do or Not To Offline
Gold Star

Registered: 02/01/02
Posts: 431
Loc: USA
We send by diskette. I've only been in this department three years. The code was here when I took over this job. We only send 6-8 per year. Things happen in multiples so I usually have two to send at a time.

Top
#172115 - 03/22/04 04:18 PM Re: FinCEN SAR Software Version 5.1
MackenzieS Offline
Diamond Poster

Registered: 07/08/02
Posts: 1722
Loc: Oklahoma
Quote:

We send by diskette. I've only been in this department three years. The code was here when I took over this job. We only send 6-8 per year. Things happen in multiples so I usually have two to send at a time.




Do you send a diskette or print and mail too?

Top
#172116 - 03/23/04 09:10 AM Re: FinCEN SAR Software Version 5.1
John Burnett Online
10K Club

Registered: 10/27/00
Posts: 29464
Loc: Cape Cod
We use the software to enter our SAR information. We print a file copy of the SAR, but submit to FinCEN via diskette. The software provides a convenient template for creating the SAR itself; we believe that sending the diskette provides for speedier entry of the data into the SAR database, with no transcription errors (other than those we might have made at our end).
_________________________
John S Burnett
BankersOnline .com

Top


Moderator:  Andy Z, Ken_Pegasus