Bank Secrecy Act Suspicious Activity Report Database

SIFMA provides comments to the Financial Crimes Enforcement Network (FinCEN) on proposed data fields for the Bank Secrecy Act (BSA) Suspicious Activity Report (SAR) Database.  While SIFMA strongly supports the efforts of FinCEN to modernize electronic BSA reporting, SIFMA believes that additional clarification of the proposal is necessary to provide helpful comments to the proposal and precise responses to FinCEN’s request for information technology (IT) assessments.