America’s Credit Unions’ Luke Martone wrote to the Financial Crimes Enforcement Network (FinCEN) regarding the burden associated with completing suspicious activity reports (SARs). Martone also provided suggestions on how to improve the SAR reporting process.
“As detailed below, we believe the burden estimate to complete a SAR of two hours is low, as members report the process taking closer to four hours per SAR,” wrote Martone. “In addition, we support an increase in the SAR reporting threshold from $5,000 to $10,000.”
He explained that, given SARs involve suspicious activity by definition, the appropriate thresholds should simply be driven by inflation to ensure the policy goal of the thresholds remain intact.
Read the full letter. America’s Credit Unions will continue to engage FinCEN to advocate on behalf of the industry.
