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#1900643 - 02/27/14 04:52 PM SAR - Amended or Continuing Activity?
Juby Offline
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I have been conducting an ongoing fraud investigation affecting numerous accounts. I filed a SAR on 1/15/14 after the first phase of the investigation. Now, I have completed the second and final phase and have additional accounts. Would this be an amended SAR or a continuing activity SAR? I am not changing the original report, only adding to it.

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#1900650 - 02/27/14 05:00 PM Re: SAR - Amended or Continuing Activity? Juby
rlcarey Online
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rlcarey
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Galveston, TX
If it is additional information for the same timeframe that the original SAR covered, it would be an amendment. A continuing SAR would cover information that happened after the time frame for which you originally filed.
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#1900654 - 02/27/14 05:10 PM Re: SAR - Amended or Continuing Activity? Juby
Juby Offline
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Well, it's kind of a strange situation. We were unsure how widespread the issue was. So we looked at 2013 accounts first. Those findings were what was reporting in Jan. Then we went back to prior to 2013 (2005-2012). These findings are what I need to report now. So the activity did not occur after the previously reported activity, but it was discovered after the previously reported activity. It would expand the previously reported timeframe. So continuing?

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#1900656 - 02/27/14 05:13 PM Re: SAR - Amended or Continuing Activity? Juby
Elwood P. Dowd Offline
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I agree with rlcarey; it's an amendment. You told part of the story before and now you're prepared to tell all of it. If you're not sure, call the Helpline, but you're going to have some trouble following the instructions for a "continuing" SAR.

Your second post would be the template for your opening paragraph of the amended report.
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#1900696 - 02/27/14 05:55 PM Re: SAR - Amended or Continuing Activity? Juby
Juby Offline
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Ok, good thanks. I can work with that.

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#1900900 - 02/27/14 09:22 PM Re: SAR - Amended or Continuing Activity? Juby
Juby Offline
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So when should be 90-day review start? 90 days from the original filing date or 90 days from the amendment?

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#1900903 - 02/27/14 09:24 PM Re: SAR - Amended or Continuing Activity? Juby
Elwood P. Dowd Offline
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Don't think FinCEN has answered that one, but 90 days after the end of the period covered in the amendment would seem to be the only possible answer to me unless you intend to reiterate some of the activity in SAR II. The people at the Helpline could tell you or they could just make it up like I did.
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#1900904 - 02/27/14 09:25 PM Re: SAR - Amended or Continuing Activity? Juby
rlcarey Online
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Well after expending the amount of resource that is apparent that you have on this customer, my answer would be what 90 review. You can't review a customer that is no longer with the bank.

But (sigh), if they are, then it would be 90 days from the original SAR filing.

Ken, it sounds like they only went backwards on the amended SAR.
Last edited by rlcarey; 02/27/14 09:26 PM. Reason: Added comment to Ken
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#1900917 - 02/27/14 09:45 PM Re: SAR - Amended or Continuing Activity? rlcarey
JacF Offline

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If the amendment only added prior activity both SARs would describe an activity period with a common end date, correct? Since the end date doesn't change, the 90 day review period also wouldn't change.

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#1901174 - 02/28/14 04:48 PM Re: SAR - Amended or Continuing Activity? Juby
deeb Offline
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Yes, but doesn't the 90 day start as of the filing of the SAR, not the end-date of the activity?
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#1901177 - 02/28/14 04:51 PM Re: SAR - Amended or Continuing Activity? deeb
Elwood P. Dowd Offline
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There's no way to answer this without knowing the time period covered in SAR II. rlcarey assumed SAR II covered the same period as SAR I. I assumed it covered a longer period.
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#1901256 - 02/28/14 06:30 PM Re: SAR - Amended or Continuing Activity? Juby
JacF Offline

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According to an earlier post, SAR I covered 2013, and SAR II adds 2005-2012 to SAR I. So SAR II covers a longer period, but not a later period.

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