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Question: I saw something in the news about updated guidance from the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) on SAR filings.  Are mortgage lenders and brokers still required to file suspicious activity reports (SARs)?

Answer: 

Yes, mortgage lenders and brokers must still file SARs.  

Several years ago, FinCEN issued guidance  to financial institutions (including residential mortgage loan originators) regarding filing SARs for repeated or continuing suspicious activity after a 90-day period with a filing deadline of 120 calendar days after the date of the previously related SAR filing.  In October 2025, FinCEN issued answers to Frequently Asked Questions (FAQs) to clarify SAR requirements.  Among other information, the FAQs explained that financial institutions are not required to conduct a review of a customer or account following the filing of a SAR to determine whether suspicious activity continued.  FinCEN explained it recognized the burden that continued SAR filings place on financial institutions.  Financial institutions may elect to file SARs in accordance with FinCEN’s continuing suspicious activity guidance, but this is not a requirement.

For financial institutions that elect to file SARs in accordance with FinCEN’s continuing suspicious activity guidance, below is the appropriate filing timeline:

• Day 0: detection of facts that may constitute a basis for filing a SAR 
• Day 30: filing of initial SAR 
• Day 120: end of 90-day period 
• Day 150: filing of a SAR for continued suspicious activity 

When filing a SAR for continuing activity, the date or date range of suspicious activity (Item 30 on the SAR form) should include the entire 90-day period starting on the date immediately following the filing of the initial SAR or the date following the end of the previous 90-day period.