Do we use the date of the transactions (initial detection date) for the 90/120 day count in determining whether or not another SAR needs to be filed or do we use the date the Sar was filed with FINCEN as day #1?

This seems to be an on-going hot topic for banks. What about for SARs that have a long period of gap between supplemental filings?

For example:
1st SAR filed on 11/15/13, covering from 1/1/13 to 8/31/13.

2nd SAR should cover at least from 9/1/13 to 11/30/13. But because the first SAR was filed on 11/15/13, we'd have to wait at least 90 days to file the 2nd SAR, which will be on 2/13/14. By filing on 2/13/14, the covered period will be expanded from 9/1/13 to 1/31/14, which would encompass well over 90 days.

So the question is: since this is a "90 day" supplemental SAR, are we required to stick to the 90 day activity, or can we expand the review up to date without violating the regulations? If the latter is okay, it would no longer be a 90 day review, is it not?

See Question 16.

When you filed the first SAR on 11/15/2013 I would assume that you ensured that all suspicious activity that occurred up to 11/14/2013 was included; correct? That being the case need to look at the activity on or about 2/15/2014 which is 90 days after the first filing and then file a follow-up (if appropriate) within 30 days.

Unfortunately, no. Where I am, it usually takes 50-60 days to be able to actually file a SAR due to reviewing, approving and kick-back process. That's why there's so much gap between the SAR determination date (which in most cases, is also the cut off date for the review period) and the actual filing date. When it comes to filing the SAR, the remaining (or floating) period does not get added.

You can always file a SAR earlier if necessary.

I am in the same boat as AquaMarine.

At the advise of our regulator we utilize a SAR Committee process that sees each member "vote" on the activity at hand.

Very often my timeline looks like this;

Reported Event (day 0)

Activity reviewed encompassing period from last three months and presented to Committee (day 7)

Filed (day 29 or 30)

90 day review time comes based upon the date of the filing and I now have almost 3 weeks of "time" that would not be accounted for.

Thusly I do include it in my review but the time period in my reviews is often 100-110 days, however only 93 days has passed since I've last filed.