WASHINGTON — Financial Crimes Enforcement Network Director James Freis announced a new reference tool for common errors seen in Suspicious Activity Report filings.

The guidance, Suggestions for Addressing Common Errors Noted in Suspicious Activity Reporting, is the compilation of information the agency derived from an analysis of Money Services Business SARs but thought would be helpful to all filers. It provides tips for avoiding common mistakes and suggestions for establishing more efficient and effective anti-money laundering programs.

"The data derived from analyzing SARs is only as good as the information submitted in the actual SAR form. FinCEN is not proposing any new requirements, we are just trying to ensure, through continual outreach and education, that compliance officials accurately report the information that they already possess. We are committed to offering feedback and useful advice to help our partners protect the financial system from abuse," Freis noted during a recent speech at the Money Transmitter Regulators Association Annual Conference.