Our NetReveal solution for Financial Crimes Enforcement Network (FinCEN) Suspicious Activity Reporting (SAR) simplifies and automates the SAR business workflow, helping you to stay on top of your regulatory disclosure obligations
A typical financial institution operating in multiple jurisdictions is subject to rigorous scrutiny from many regulators and would be obligated to report suspicious customers, accounts or transactions in most of the countries which it operates.
These regulatory disclosures may be delivered by completed documentary forms or by electronic filing to the regulatory body such as the Financial Crimes Enforcement Network (FinCEN).
In the US, FinCEN announced new SAR reporting standards which came 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 help US businesses become fully compliant, BAE Systems provides a solution developed to meet FinCEN 2012 standards.