Regarding the new SAR form Version 1.2 currently in the e-file Test System, specifically the new field labeled “Filing Institution Note to FinCEN:” The instructions indicate that the user should use this field to indicate a response to a “current GTO or advisory or other activity.” The GTO portion of the instructions make sense. However, I have additional questions:

1. Does this mean that FinCEN wants the users to indicate when filing on ANY FinCEN “advisory?” For example, “Advisory FIN-2011-A003” details SAR filings on Elder Financial Exploitation. But we also already have a violation check box for that; so are we supposed to also indicate that Advisory in Field #2?

2. Or, is the above statement correct, but only with regard to “current” advisories? If so, how does FinCEN define “Current?” How far back should we reference these?

3. How does FinCEN define “Other activity?” Would that be something like “Guidance FIN-2014-G001” regarding Marijuana Related Businesses? Are we expected to provide notes like “Marijuana Limited” in this field AND the narrative as previously instructed? Or is there some other definition we should consider?


I have an outstanding email request to FinCEN on this issue. If I ever hear back from them, I'll update this post for everyone's reference, but I would also love to hear any professional opinions any of you might have, particularly if you've received any guidance from your regulator.

Thanks!

I haven't seen much guidance on this, though hopefully more will come when the form is officially released (such as a Q&A).

The only thing from the 2/2/17 proposal was this:
"(2) Add new item 2 “Filing Institution Note to FinCEN” followed by a text field with 100 character limit. This item allows the filer to identify reports filed in response to geographical targeting orders and BSA advisories etc."

Then from the 1/26/18 FinCEN announcement:
"New text field to alert FinCEN that the FinCEN SAR is being filed in response to a current specific geographic targeting order (GTO), advisory, or other activity."

Has anyone heard anything more related to this?

I haven't seen anything new, but believe that new item 2 should include info anytime an advisory applies.

I believe FinCEN Advisories go back as far as 1996. I think it will be difficult to search whether there is an Advisory or not related to every situation we report.