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ABA: The American Bankers Association
Compliance News

ABA Issues Staff Analysis on FinCEN SAR Burden

ABA released a staff analysis of the Financial Crimes Enforcement Network’s recent analysis of the burden of investigating activities, evaluating cases and filing Suspicious Activity Reports under the Bank Secrecy Act. FinCEN is proposing a different calculation of the SAR burden—currently estimated at one hour—to reflect the efforts SAR filers spend reviewing cases and documenting SARs and keeping records before a SAR is filed.

ABA’s staff analysis covers the details of FinCEN’s analysis of the burden and associated cost estimates, as well as FinCEN’s request for comments on its proposed methodology. For more information, contact ABA’s Rob Rowe.