About 90 days ago I had to file several SARs on non-citizens who were given loans with SS numbers we later found out to not belong to them. (long story, dust settled, SARs were filed) So here I am at a 90 day review point and it was suggested that I must file a followup SAR until we are able to obtain a valid SSN. These individuals are paying regularly on the loans and we have closed out any other accounts they may have had. It does not appear that all of these guys are going to provide us with a valid SSN.....does this really mean that I will have to file follow-up SARs every 90 days? I figure the activity happened once and it was reported.... Anyone have any ideas?

A follow-up SAR is designed to report on continuing suspicious activity of the type already reported. IMO, your suspicious activity ended with the closing of the loans, unless there is anything about the payments (large cash payments, for example) that you suspect.

Thanks, I was thinking the same but I wanted a second, more seasoned opinion.

Oh, I'm more seasoned, for sure. But you didn't need to remind me, Kat!

I didn't mean "that" kind of seasoning!!!

What - you meant what little hair that he has left is "salt and pepper"? Sorry, John - couldn't help it...

Heee Heee Heee

Ok, the Compliance Officer just returned from a PBA seminar (BSA refresher) and this question was posed there. The instructor stated that we have to refile every 90 days until the original loan is paid off. Even if we now have valid TIN we still have to continue to file. Feedback please!!!!!!!!!!!!!

I would ask why? There was loan fraud at the time of loan being made. Filing every 90 days just because the loan is still outstanding does not make any sense to me. If you obtained a correct and valid TIN, what on-going violation of law are you going to cite?

Same question worded a bit differently: What exactly are you going to put in the narrative? If the suspicious activity has not continued...

Rather than continuing to shop for an answer, just call the FinCEN helpline & go with what they say.

Thank you! I so agree. I am looking at five files that I will have to keep saying the same thing every ninety days.....

"based on the knowledge that ________________ has not obtained a valid tax identification number for the mortgage he closed in 2006, at which time he used the number of a deceased individual, it is our suspicion that he...bla bla blah.....

for the next 26 years!!!!!!!!!!

Thank you!

I have a question about the 90 day filing and have been looking everywhere. I came here hoping someone was talking about it.
Everything just states filing a report at least every 90 days. Every 90 days from what date? I am assuming the date you filed the last report. My other choice would be using the date or date range of the suspicious activity. Anyone's thoughts? I'm trying to make a log so I can remember to do the 90 day filing. I want to mark the date when to review the report again and want to leave myself enough time to gather information, review it, make a decision and get it filed or not. Thanks

90 days from when the previous SAR was filed.

For convenience, I use the last day of the month 90 days from the date of last filing. The filing is usually very close to the date of the suspicious activity, so that works for me. I use a formula in my spreadsheet that works off the last filing date and tells me the end of the month 90 days forward. This way I do all the SAR re-reviews at the end of each month rather than at the exact 90 day mark; it just makes it easier to manage my time.

Thanks for both your answers. I have a better understand and grip on what I need to do.
Thanks again.

I appologize for not returning to share... I did call the Fincen help desk and was advised to continue filing for ongoing activity, (every 90 days...blah blah blah.) He also suggested that I contact ICE. So I am a "Compliant Complikat Complying Complainingly" And I will rejoice when these loans are satisfied!

Well, that is just incredible. Best of luck, CCCC.

Complikat,

If I were you, I would contact FinCEN two more times. Then I would take the best two out of three. My guess is that you would not get the same answer twice. If what they say is true, we will all be filing a lot of totally useless SARS forever unless we choose to close out the relationship.

Better yet, contact your regulator for their opinion. Somewhere there has to be somebody with some common sense.

And if they all say continue to report, I would have a lawyer review the contracts and see if there is a way to call the loan (which of course doesn't mean you will get paid off).

Agree with Retread; call FinCEN back. Ask for a supervisor. This is not a judgment call.