When I read the FFIEC manual regarding continuing and ongoing activity, the manual states that a SAR should be filed no less than every 90 days. Does this mean that my institution could file a SAR each and every time the suspicious activity occurs (i.e. structuring) instead of creating a 90-day review process (i.e. the structuring activity is currently being picked up by an automated transaction monitoring system)?

The FFIEC manual cites Section 5 — Issues and Guidance, The SAR Activity Review, Issue 1, October 2000, page 27 that states, “FinCEN’s guidelines suggest that banks should report continuing suspicious activity by filing a report at least every 90 days.”

Whether your institution should file a SAR each time a suspect conducts similar suspicious activity within 90 days of a SAR is addressed in The SAR Activity Review Trends, Tips & Issues, Issue 8, April 2005, page 32:

“Tecnically, FinCEN’s suspicious activity reporting rules require a SAR for each suspicious transaction.  However, for ongoing suspicious activity, and to reduce the burden on financial institutions and law enforcement, FinCEN allow(s) for updates every 90 days.”

So, we would suggest that a program that does not follow this guidance may be criticized by its regulator and perhaps even FinCEN. Thus, we would recommend filing only one SAR within 90 days of continued suspicious activity.