FinCEN SAR disclosures 2012
Financial services organisations are subjected to rigorous scrutiny from the regulators and most have the requisite technology and processes in place to ensure regulatory compliance. The ongoing challenge is to keep pace with the ever changing rules which have to evolve to stay one step ahead of fraudsters.
FinCEN has announced new SAR reporting standards which will come into effect on June 30, 2012. As of that date, all paper based filing will cease for SAR disclosures, in addition, major changes will need to be made to existing systems to maintain regulatory compliance.
To ensure our US based customers are fully compliant, Detica NetReveal® can provide a new SAR model which has been specifically developed to meet the FinCEN 2012 standards.
Key benefits of this model include:
- compatibility with the Detica NetReveal® platform;
- ability to run both old and new FinCEN versions concurrently, allowing a soft and flexible transition to the new standards;
- enables organisations to complete testing in advance of switch over;
- supports FinCEN Acknowledgements;
- supports other Anti Money Laundering (AML) systems — data can be loaded via a standard interface.
To learn more about our solution for FinCEN compliance download the FinCEN discussion document from the knowledge centre.