Multiple Applicable FinCEN Advisories

Posted By: ColoradoAML

Multiple Applicable FinCEN Advisories - 07/22/21 08:36 PM

How do you all handle it when there are multiple advisories that apply to the activity you're reporting?

An example could be a COVID-related medical scam (FIN-2020-A002) and elder financial exploitation (FIN-2011-A003). Another example may be human trafficking, for which there are two advisories.

Do you reference all advisories in the narrative? Just choose the most recent? If you're listing multiple, how do you decide which to put in field 2, given the character limit?

Posted By: CULady

Re: Multiple Applicable FinCEN Advisories - 07/22/21 11:24 PM

I just had this come up this week! I just put one in Field 2 and then referenced both in my narrative.

For me it was Unemployment Fraud FIN-2020-A007 and PPP Loan Fraud FIN-2021-NTC1. I used FIN-2020-A007 in Field 2. It was the more prevalent suspicious activity and it had it's own advisory where the PPP one was the combined notice.

Posted By: BrianC

Re: Multiple Applicable FinCEN Advisories - 07/23/21 04:35 PM

FinCEN Consolidated Key Terms

If you can fit more than one number in field 2, then include as many as you can.

"If financial institutions wish to cite more than one advisory, then they should use only the FinCEN identification numbers (FINs) listed in the tables below in Field 2, and provide the full references in the SAR narrative."
Posted By: ColoradoAML

Re: Multiple Applicable FinCEN Advisories - 07/26/21 05:30 PM

Thanks for pointing that out BrianC, that's very clear.

I hope that at some point in the future FinCEN considers expiring the filing instructions on old advisories. The information is obviously still valuable, but at some point complying will all the different instructions may become unmanageable. I would be shocked to be criticized on it in real life, but if we were to file on a high-risk FATF jurisdiction and only cited "FATF FIN-2021-A003" and not all the previous advisories when that jurisdiction was also still high risk, are we technically making an error? I don't see anything that says once a new list is pushed out we're absolved from the previous instructions.