The Financial Crimes Enforcement Network has decided to put off replacing the forms insurance companies should use to report signs that individuals or companies might be involved with terrorism or drug trafficking.
FinCEN was going to let insurance companies use new forms starting June 30 and make use of the new forms mandatory starting Dec. 31.
Since FinCEN published the draft of the revised Suspicious Activity Reporting forms in December 2006, it has decided to postpone the replacement date because of new data quality initiatives, FinCEN says in a notice published today in the Federal Register.
Insurance companies should use the existing SAR forms to report any suspicious activities, FinCEN says.
A copy of the FinCEN notice is