6 Acting on Reports

After analyzing the reports using the Reports Details page, an authorized user can take actions on reports to file it to FinCEN or close the report.

Topics:

·        Requesting for Approval 

·        Approving/Rejecting/Closing Reports 

·        Setting Due Date for Reports

·        Filing Regulatory Reports 

Requesting for Approval

An Analyst requests the Supervisor to approve the report for filing when it is in the Open, Rejected, Rejected from E-file status. A Supervisor evaluates and then approves, rejects, or closes the report.

To submit a report for approval, follow these steps:

1.     On the Regulatory Report Details page, click Request for Approval. The Request for Approval Action window is displayed.

NOTE:   

If the mandatory information is missing or invalid, a warning message is displayed prompting you to correct the information before requesting approval.

2.     Enter the comments in the Report Actions window. You can enter up to 255 characters.

3.     Click Save. A confirmation message is displayed.

4.     If your requests are rejected by the Supervisor, you will receive a notification. Click  Notification icon to view the notification of rejected reports.

NOTE:   

·        It is mandatory to add comments to perform this action.

·        The comments added and action taken on the selected report is recorded in the Audit history.

·        Notification of rejected reports are sent to only those users who have sent the reports for approval

Approving/Rejecting/Closing Reports

As a Supervisor, you can assess the reports that are requested for approval and take the appropriate action on the selected report.

·        Approving a Report: You can approve a report that is in Open, Re-open, Rejected, Rejected from E-file status, or Request for Approval status with all the mandatory fields are updated. If the report is approved, an e-file is generated for the report. The generated e-file is submitted with the FinCENs BSA E-Filing System.

·        Rejecting a Report: You can reject the report in Approved or Request for Approval status. If the report is rejected, then the Analyst must re-work on the report and resubmit the report for approval or can close the report. If the Analyst closes the report after it is rejected, then the status of the report changes to Closed. But if the Analyst chooses to rework on the report, then the status of the report changes to Request for Approval, which is again validated and approved by the Supervisor. This process continues until the report is approved or closed.

·        Closing a Report: You can a close report without filing in Open, Re-open, Rejected, Rejected from E-file status, or Request for Approval status with all the mandatory fields is updated. The Closed status removes it from the work queue and helps to distinguish it from those in the Filed status. After the report is closed, you cannot edit the report details and the report is in View mode. The status of the report changes to Closed.

To approve, reject, or close a report, follow these steps:

1.     On the Regulatory Report Details page, click Approve, Reject, or Close. The Report Actions window is displayed.

Note : If the mandatory information is missing or invalid, a warning message is displayed.

2.     Enter the comments in the Report Actions window. You can enter up to 255 characters.

3.     Click Save. A confirmation message is displayed. It is mandatory to add comments.

NOTE:   

·        It is mandatory to add comments to perform this action.

·        The comments added and action taken on the selected report is recorded in the Audit history.

Setting Due Date for Reports

The Set Due Date action enables you to set a due date or modify an existing due date of a report. The due date is set for a report when the Generate USSAR Report action is taken in the Case Investigation Cloud Service. This is the date by which the SAR must be filed with FinCEN. The Due date is configurable and by default, it is set to 30 days from the date of report creation request is sent from the Case Investigation Cloud Service to USSAR Cloud Service. It includes only business days excluding holidays and weekends. This period is configurable.

There are two roles defined for the Set Due Date functionality.

·          Due Date with View and Edit: Users mapped to this role can view, set, and edit due date for reports.

·        Due Date with View: Users mapped to this role can only view the due date for reports.

NOTE:   

The roles are mapped based on the configurations in the Application Parameters table.

  The following explains the configuration for roles:

To set a due date for a report, follow these steps:

1.     On the Regulatory Report Details page, click Set Due Date calendar. The Set Due Date window is displayed.

NOTE:   

If the mandatory information is missing or invalid, a warning message is displayed.

2.     Enter the comments in the Report Actions window. You can enter up to 255 characters.

3.     Click Save. A confirmation message is displayed. It is mandatory to add comments to perform action.

NOTE:   

The comments added and action taken on the selected report is recorded in the Audit history.

Filing Regulatory Reports

After the report is approved, you must file the regulatory reports with the FinCEN.

The USSAR Cloud Service helps in generating E-file for an approved report. The E-file generated is in a .xml format that is according to the specifications described in Fin­CEN SAR Electronic Filing Requirements. After successful E-filing, you can download the acknowledgment (XML) file from the BSA E-Filing System and upload the acknowledgment into USSAR Cloud Service, thereby completing the SAR process. The status of the report changes to Filed.

Filed status is the final status given to a SAR that has been submitted to and processed by FinCEN.

For more information on filing, see Filing Regulatory Reports.