FinCEN revises reporting policy

Revised policy guidance issued by Financial Crimes Enforcement Network releases some financial institutions from filing a duplicate report with FinCEN and the Office of Foreign Assets Control. Under the previous policy on transactions involving a person or entity on the OFAC block list, financial institutions filed a report with OFAC and a suspicious activity report. FinCEN is removing the suspicious activity report requirement unless the institution has suspicious information not included in the blocking report or if the facts and circumstances warrant a separate filing of a suspicious activity report.