My question is related to '90-day follow up SARs'. We do not bank marijuana businesses. If we find a company found a way into the Bank, we will close the account and file a SAR.

We do however, bank employees of these businesses (not the owners though). We would initially file a 'limited SAR' and watch the account for suspicious activity. If there is no suspicious activity during the 90-day period, would be be required to refile an updated "limited SAR"? I would say 'no' as the activity has not changed and no suspicious actity is occuring.

Thoughts?

At the last NW Compliance Conference FDIC moderated a discussion on this topic. They indicated that there isn't really consensus on indirect banking of MRBs and SAR filings. She indicated that FinCEN is planning to publish further guidance very soon.

Otherwise she made what I found to be two helpful statements. First, FinCEN wants to track the business transactions - they are less interested in the ancillary. Second, if you document clearly in your policy how you will choose to handle indirect MRBs and SARs, you are much less likely to be criticized in the absence of further guidance.