31 CFR §1029.320 — Reports by loan or finance companies of suspicious transactions

bsa-31cfr-1029-320

FinCEN SAR rule for loan or finance companies (including non-bank residential mortgage lenders/originators). Sets the $5,000 threshold, the four-prong knowledge/suspicion test, the 30/60-day filing window, the 5-year retention rule, and the SAR confidentiality regime.

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source:
  type: regulation
  id: bsa-31cfr-1029.320
  authority: 31 CFR §1029.320 — Reports by loan or finance companies of suspicious transactions
  description: |
    FinCEN SAR rule for loan or finance companies (including non-bank
    residential mortgage lenders/originators). Sets the $5,000 threshold,
    the four-prong knowledge/suspicion test, the 30/60-day filing window,
    the 5-year retention rule, and the SAR confidentiality regime.
obligations:
  - id: bsa-31cfr-1029.320-a-sar-filing-duty
    canonical_id: bsa-31cfr-1029.320-a-sar-filing-duty
    section: 31 CFR §1029.320(a)(1) — Duty to file SARs with FinCEN
    description: |
      [LENDER] (as a loan or finance company under 31 CFR Part 1029) shall
      file with FinCEN, to the extent and in the manner required by
      §1029.320, a report of any suspicious transaction relevant to a
      possible violation of law or regulation. [LENDER] may also voluntarily
      file a SAR for any suspicious transaction whose reporting is not
      required by the section.
    type: do
    audit_question: Can [LENDER] evidence that, for every transaction meeting the §1029.320(a)(2) $5,000 / four-prong knowledge-or-suspicion test, a Suspicious Activity Report was filed with FinCEN in the manner required by §1029.320?
    program_review: Does the program facilitate SAR detection, decisioning, and filing so that every transaction meeting the §1029.320(a)(2) $5,000 / four-prong knowledge-or-suspicion test is surfaced and reported — and is the program built so a reportable pattern is hard to miss, with a catch-all escalation path?
    file_review: 'Start with the SAR-decision notes/case file: review the suspicious-activity population (alerts, referrals, closed-without-SAR decisions) and confirm a SAR was filed where the four-prong test was met. The compliance person makes the suspicious-activity judgment call.'
    judgment: true
    feeds:
      - bsa-31cfr-1029.320-b3-30-day-filing-window
    workflow_phase: origination
    owner_role: bsa_aml_officer
    secondary_owner_role: compliance_officer
    cadence: per-suspicious-transaction
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - bsa
      - fincen
      - sar
      - suspicious-activity
      - promoted
    primary_source:
      tier: 1
      authority: 31 CFR §1029.320(a)(1)
      source_class: fincen
      source_url: https://www.law.cornell.edu/cfr/text/31/1029.320
      snapshot_id: 6adf7a3132ed3892
      fetched_at: '2026-05-22T11:34:27Z'
      content_hash: sha256:20078505fc90aae7fee26e07e2d574dfac690d14f5fac67ab2e51b6577765f3b
      paragraph_quote: Every loan or finance company shall file with FinCEN, to the extent and in the manner required by this section, a report of any suspicious transaction relevant to a possible violation of law or regulation. A loan or finance company may also file with FinCEN a report of any suspicious transaction that it believes is relevant to the possible violation of any law or regulation, but whose reporting is not required by this section.
      drafter_attestation: |
        Copied verbatim from snapshot 6adf7a3132ed3892 (content.txt) at
        2026-05-22T11:40Z. Substring is the §1029.320(a)(1) operative
        paragraph; the (a)(2) $5,000 threshold and four-prong test are
        paraphrased in the audit_question.
    promoted_at: '2026-05-22T12:13:25+00:00'
    promoted_from: bsa-31cfr-1029.320-roundb-v1.yaml
  - id: bsa-31cfr-1029.320-b3-30-day-filing-window
    canonical_id: bsa-31cfr-1029.320-b3-30-day-filing-window
    section: 31 CFR §1029.320(b)(3) — When to file (30/60-day window)
    description: |
      [LENDER] shall file each required SAR no later than 30 calendar days
      after the date of initial detection of facts that may constitute a
      basis for filing. If no suspect is identified on the date of initial
      detection, [LENDER] may delay filing for an additional 30 calendar
      days to identify a suspect, but in no case shall reporting be delayed
      more than 60 calendar days after the date of initial detection.
    type: do
    audit_question: For each SAR filed, can [LENDER] evidence that the filing occurred no later than 30 calendar days after initial detection (or no later than 60 days where no suspect was identified at initial detection)?
    program_review: Does the program track the SAR filing clock so each required SAR is filed within 30 calendar days of initial detection (or within 60 days where no suspect was identified at initial detection)?
    file_review: For each filed SAR, confirm the filing date fell within 30 days of initial detection, or within 60 days where the no-suspect extension applied.
    judgment: false
    feeds: []
    workflow_phase: origination
    owner_role: bsa_aml_officer
    secondary_owner_role: compliance_officer
    cadence: per-sar
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - bsa
      - fincen
      - sar
      - filing-deadline
      - promoted
    primary_source:
      tier: 1
      authority: 31 CFR §1029.320(b)(3)
      source_class: fincen
      source_url: https://www.law.cornell.edu/cfr/text/31/1029.320
      snapshot_id: 6adf7a3132ed3892
      fetched_at: '2026-05-22T11:34:27Z'
      content_hash: sha256:20078505fc90aae7fee26e07e2d574dfac690d14f5fac67ab2e51b6577765f3b
      paragraph_quote: (3) When to file. A SAR shall be filed no later than 30 calendar days after the date of the initial detection by the reporting loan or finance company of facts that may constitute a basis for filing a SAR under this section. If no suspect is identified on the date of such initial detection, a loan or finance company may delay filing a SAR for an additional 30 calendar days to identify a suspect, but in no case shall reporting be delayed more than 60 calendar days after the date of such initial detection.
      drafter_attestation: |
        Copied verbatim from snapshot 6adf7a3132ed3892 (content.txt) at
        2026-05-22T11:40Z. Substring is the §1029.320(b)(3) headline-and-rule
        paragraph in full.
    promoted_at: '2026-05-22T12:13:25+00:00'
    promoted_from: bsa-31cfr-1029.320-roundb-v1.yaml
  - id: bsa-31cfr-1029.320-c-5-year-retention
    canonical_id: bsa-31cfr-1029.320-c-5-year-retention
    section: 31 CFR §1029.320(c) — Retention of SAR records for five years
    description: |
      [LENDER] shall maintain a copy of any SAR filed by [LENDER] or on
      [LENDER]'s behalf (including joint reports), and the original (or
      business record equivalent) of any supporting documentation
      concerning any such SAR, for a period of five years from the date of
      filing the SAR. Supporting documentation shall be identified as such
      and maintained, and shall be made available to FinCEN or any
      examining authority upon request.
    type: do
    audit_question: Can [LENDER] produce, for any SAR filed in the last five years, the SAR copy plus the original or business-record-equivalent of all supporting documentation, identified as such?
    program_review: Does the program retain, for five years from filing, each SAR copy plus the original (or business-record equivalent) of all supporting documentation, identified as such and available to FinCEN/examiners on request?
    file_review: For sampled filed SARs, confirm the retained SAR copy and the identified supporting documentation, retained five years from filing.
    judgment: false
    feeds: []
    workflow_phase: origination
    owner_role: bsa_aml_officer
    secondary_owner_role: compliance_officer
    cadence: continuous
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - bsa
      - fincen
      - sar
      - record-retention
      - promoted
    primary_source:
      tier: 1
      authority: 31 CFR §1029.320(c)
      source_class: fincen
      source_url: https://www.law.cornell.edu/cfr/text/31/1029.320
      snapshot_id: 6adf7a3132ed3892
      fetched_at: '2026-05-22T11:34:27Z'
      content_hash: sha256:20078505fc90aae7fee26e07e2d574dfac690d14f5fac67ab2e51b6577765f3b
      paragraph_quote: (c) Retention of records. A loan or finance company shall maintain a copy of any SAR filed by the loan or finance company or on its behalf (including joint reports), and the original (or business record equivalent) of any supporting documentation concerning any SAR that it files (or is filed on its behalf), for a period of five years from the date of filing the SAR.
      drafter_attestation: |
        Copied verbatim from snapshot 6adf7a3132ed3892 (content.txt) at
        2026-05-22T11:40Z. Substring is the §1029.320(c) operative
        five-year retention rule; the supporting-documentation availability
        sentence is paraphrased in description.
    promoted_at: '2026-05-22T12:13:25+00:00'
    promoted_from: bsa-31cfr-1029.320-roundb-v1.yaml
_promotion_history:
  - promoted_at: '2026-05-22T12:13:25+00:00'
    candidate_path: C:\Users\earlc\broker-tools\obligations\_remediation\_round_b_drafts\bsa-31cfr-1029.320-roundb-v1.yaml
    candidates_promoted: 3
    candidates_skipped_existing: 0

Verbatim regulatory text (3)

Verbatim provisions from 31 CFR §1029.320 — Reports by loan or finance companies of suspicious transactions — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

31 CFR §1029.320(a)(1) — Duty to file SARs with FinCEN

Every loan or finance company shall file with FinCEN, to the extent and in the manner required by this section, a report of any suspicious transaction relevant to a possible violation of law or regulation. A loan or finance company may also file with FinCEN a report of any suspicious transaction that it believes is relevant to the possible violation of any law or regulation, but whose reporting is not required by this section.

Source: 31 CFR §1029.320(a)(1) · source URL · snapshot 6adf7a3132ed3892

31 CFR §1029.320(b)(3) — When to file (30/60-day window)

(3) When to file. A SAR shall be filed no later than 30 calendar days after the date of the initial detection by the reporting loan or finance company of facts that may constitute a basis for filing a SAR under this section. If no suspect is identified on the date of such initial detection, a loan or finance company may delay filing a SAR for an additional 30 calendar days to identify a suspect, but in no case shall reporting be delayed more than 60 calendar days after the date of such initial detection.

Source: 31 CFR §1029.320(b)(3) · source URL · snapshot 6adf7a3132ed3892

31 CFR §1029.320(c) — Retention of SAR records for five years

(c) Retention of records. A loan or finance company shall maintain a copy of any SAR filed by the loan or finance company or on its behalf (including joint reports), and the original (or business record equivalent) of any supporting documentation concerning any SAR that it files (or is filed on its behalf), for a period of five years from the date of filing the SAR.

Source: 31 CFR §1029.320(c) · source URL · snapshot 6adf7a3132ed3892