OFAC report ‘will satisfy SAR requirement’
WASHINGTON, DC -- Financial institutions will now be able to file one Office of Foreign Assets Control (OFAC) report, which will also satisfy the Suspicious Activity Report (SAR) filing requirement, according to interpretive guidance released by the Financial Crimes Network (FinCEN).
In the past, banks and other financial institutions were required to make two separate filings. One filing was to comply with OFAC’s rules that require banks to block transactions suspected to be violating economic sanctions law, and another in pursuit of FinCEN’s SAR filing requirements.
In an interpretive release in mid-December, FinCEN director William Fox said the guidance is to eliminate duplicative reporting in cases where a financial institution identifies a verified match with
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