Firm: FinCEN 314a Review Steps

Firm: FinCEN 314a Review Steps

FinCEN Dashboard

(Optional) If you prefer to upload the latest Client List, delete previous list


1. Import most recent client list into Client List Report

(for clients/accts held in clearing firms)
  1. Menu (top right lines) > Import Data
  2. ** you will need 3 columns (additional columns can be ignored. Column manes do not need to be titled as below, but you will need to match them when importing)
    1. First Name
    2. Last Name
    3. Entity Name
  3. ** OR Full Name column
If using Pershing, see bottom of this article for instructions on creating report of participants
Upload latest list of clients
  1. If you want to keep the imported names in your list, SELECT>EDIT> and Update the KEEP field.
  2. If you want to delete this list after the FinCEN Review is complete, leave the Keep field as ‘false'
(this feature is simply to help you filter your list, not a requirement for the review)

2. Download Business & Persons lists

  2. Download each file as CSV, do NOT download the “Both” file
    Download FinCEN Lists

3. Import each list into FinCEN 314a Review Report

  1. FinCEN 314a Review Report: “Import Data” -or- Menu (top right 3 lines) > ”Import Data”
    Attach/Upload FinCEN downloaded list - Step 1

  2. Attach list downloaded from FinCEN
    Attach/Upload FinCEN downloaded list - Step 2

4. Update FinCEN List date, if needed

  1. The system will automatically import with today’s date, if the FinCEN list is from a previous date, SELECT > EDIT, so that it can appear accurately on the final report.

5. Run Names

Select ALL (checkbox) > RUN NAMES button

5b. Run Excess Names

Depending on how many names appear on the FinCEN list, you may need to run an additional batch. It is done in seconds!! (no need to upload or anything)
  1. Press the small arrow next to the report title
  2. Select Excess Names - Need to run
  3. Select all, and RUN (as in step 5)

6. Review any matches

  1. Press the small arrow next to the report title
  2. Select 'FinCEN Partial Matches'
    1. Review
      1. Press the [False Positive] button
        1. This will add the note “Details have been reviewed and it is determined to be a False Positive” to the notes field.
      2. *OR* If you need a different note in the field, do not use the False + button 
        1. Add notes: RT-CLK > EDIT
  3. Select 'FinCEN Matches'
    1. Review
    1. Press the [False Positive] button
      1. This will add the note “Details have been reviewed and it is determined to be a False Positive” to the notes field.
    2. *OR* If you need a different note in the field, do not use the False + button 
      1. Add notes: RT-CLK > EDIT

7. Report any matches to FinCEN

8. Save Report to File

3 lines top right > EXPORT > PDF

9. Delete FinCEN Names

Select All > Delete


PERSHING - PARTICIPANT REPORT INSTRUCTIONS

1. Go to Report Builder > All Reports

  1. (Service & Operations > Report Builder > All Reports)

2. Select “Customer Information Scan – Participant Level Results”

  1. Search the KEYWORD field for “Participants”

3. Define Filter: Remove/Add: Office Rang(s) & Status ALL (remember you must run for closed accounts too)


4. Select Report Output: Add/Remove and Reorder Columns

5. Add new Title - Set as Favorite - Auto-Generate (optional) > GENERATE

6. Delete top rows of Excel file

7. COPY Full Name column > PASTE in next tab > Remove duplicates

8. Upload with ONLY this column selected + proper dropdown selected


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