Hello,
What do you all think about SARs that are a continuing SAR and it is filed prior to the end of the 90 days (so filed in like 75-89 days after the previous SAR filing)? I know that it should be a 90-day review, but in reviewing SARs already filed I discovered this. What would be FinCEN or an examiner's opinion on this?

The 90-day timeframe was regulatory relief that FinCEN granted many moons ago to extend the requirement that we file a SAR 30 days after identifying suspicious activity. Without this relief, the regulation as written would require that we file a SAR every time the customer performed additional suspicious transactions. (e.g. I structured last week so you file a SAR and I structured this week so you have to file another one right away).

In some cases, the Bank may wish to file a SAR sooner than 90 days because it wants to get updated information into law enforcement's hands more quickly. There is nothing prohibiting an institution from doing this. The 90-day time frame is regulatory relief that says this is the maximum timeframe that we can go. It doesn't restrict us from filing sooner.

FinCEN has previously stated that its intent has been for financial institutions to file a continuing SAR after a 90-day review, with the filing deadline being 120 days after the date of the previously related SAR filing. However, financial institutions may file SARs on continuing activity earlier than the 120-day deadline if the institution believes the activity warrants an earlier review by law enforcement.