Hummingbird now gives you more insight into the status of SARs filed with FinCEN, including when filings have been sent and acknowledged. Additionally, high-volume organizations can now file in batches, in accordance with FinCEN guidance.
When it comes to filing SARs, we know clicking “submit” isn’t the final step. You need to keep a close eye on the SAR filing to make sure it actually gets acknowledged by the FIU and any feedback is quickly addressed.
Not having this visibility can mean late filings or rejected filings that aren’t handled swiftly enough, both of which can spell regulatory trouble for your organization.
At Hummingbird, we’re committed to helping compliance teams file SARs with minimal risk and full transparency. And we have two new features for organizations filing with FinCEN – detailed status tracking and batch filing – to help you do just that.
You can now track the status of your SAR filings and file them in customizable batches, making it even easier to meet your compliance obligations.
Now in Hummingbird, you can track the status of your SAR filings in even greater detail, thanks to our direct connection for e-filing with FinCEN. High-volume organizations have the added option to file in batches, in accordance with FinCEN’s guidance.
Let’s take a closer look at what these new features mean for your organization.
Imagine you just filed a SAR – what happens next? Instead of wondering whether FinCEN has even received your filing yet, Hummingbird will now keep you updated on the status of your filing, every step along the way.
Hummingbird will let you know when we have received your filing, when it has been sent to FinCEN, and whether it has been accepted and processed or rejected. Every update is time-stamped and, where relevant, includes the filing name and any associated IDs.
Pro tip: To see the status of a filing, simply open your AML investigation. You’ll find a complete timeline of events under the “Decision” section.
Note: In order to track your SAR filings, you must have batch filing enabled (learn more below).
File a lot of SARs at your organization? FinCEN prefers that you group them into batches – but don’t worry; we’ve got you covered. You can now file SARs in batches in Hummingbird and comply with FinCEN’s guidance for high-volume filers.
“High-volume organizations can now file SARs in batches, in accordance with FinCEN’s guidance.”
When batch filing is enabled, SARs will be held and grouped together by Hummingbird before being sent to FinCEN. Batch sizes can be customized to match your organization’s filing volume and set anywhere from one to 10 filings per batch.
If you're a high-volume filer and would like to enable batch filing for your organization, reach out to your Customer Success Manager or contact us at email@example.com.
Hummingbird is the modern CRM for compliance and risk teams. With Hummingbird, you can streamline your workflows, manage casework with ease, and automatically file with FinCEN and FIUs around the world.
Ready to see what Hummingbird could do for your organization? Schedule a demo today, and see why top financial institutions, including Evolve Bank & Trust, Stripe, and Etsy, all trust our software to help them fight financial crime.
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