1. Oracle Financial Services Compliance Regulatory Reporting Cloud Service US SAR User Guide
  2. About US SAR
  3. Oracle Financial Services Compliance Regulatory Reporting Cloud Service
  4. Report LifeCycle

2.1.1 Report LifeCycle

This section explains Report Life Cyle

  • Generate a USSAR Report: After analyzing a suspicious case, if it is required to report to the regulator, you can take action to generate a report. For more information, see Case Investigation Cloud Service.
  • Create a Report: A report is created in Case Investigation Cloud Service, and the related information is passed to the USSAR Cloud Service using web service. The newly created report is available in the USSAR Cloud Service, and it is assigned to a specific user with a due date to take appropriate action. These parameters are configurable. For more information, see Creating a Report.
  • Search and Open a Report: To analyze the existing reports, you must open reports using basic, advanced, or views search criteria. For more information, see Opening a Report.
  • Analyze a Report: To take any kind of action on a selected report, you must thoroughly analyze the details. You must verify the details of the report, such as the involved subject, account, branch, reporting entity details, related documents, narratives, and audit history. For more information, see Analyzing Reports.
  • Act on a Report: Post analyses, you can take action on the selected report to close or generate an E-file based on your privileges. For more information, see Acting on Reports.
  • E-Filing: If the report is approved, an e-file is generated for the report. The generated e-file is submitted with FinCEN’s BSA E-Filing System. The E-file is validated, and an acknowledgment (XML file) is generated. The acknowledgment file is then uploaded into the USSAR Cloud Service, thereby completing the SAR process. The status of the report changes to Filed. The Filed status is the final status given to a SAR that has been submitted to and processed by FinCEN.

    If the report is rejected, then you must rework the report and submit the report for approval or you can close the report. If you close the report after being rejected, then the status of the report changes to closed. But if you choose to rework the report, then the status of the report changes to Request for Approval, which must be again validated and approved by authorized users. This process continues until the report is approved or closed. If there are any changes done to an approved report, the status of the report changes to Re- approve Required, which must be validated by authorized users.

    If you determine that a SAR report must not be filed, then you can close it. The Closed status removes it from the work queue and helps to distinguish it from those in a Filed status. If the report is closed, the report details cannot be edited, and the report is in View mode. For more information, see Filing Regulatory Reports.