Maintaining compliance with anti-money laundering requirements is essential for money-service businesses. As part of that compliance per the Bank Secrecy Act (BSA), financial institutions are required to report any suspicious activity via a Suspicious Activity Report (SAR). At Bates Group, we provide consulting support for institutions that need to file a SAR, as well as a variety of other AML compliance needs. Reach out to us today to learn more.
What Is a SAR?
A Suspicious Activity Report is an official document that businesses must file with the Financial Crimes Enforcement Network (FinCEN) when the financial institution detects money laundering or fraud. The purpose of filing a SAR is to help detect and monitor any illegal or dangerous activity; SAR requirements have expanded to be able to address terrorism and terrorist-financing activities as well.
When Are SARs Required?
There are multiple situations in which FinCEN requires a SAR to be filed. These include, but are not limited to:
- A financial institution believes an employee has engaged in insider activity
- Potential money laundering or other BSA violations are detected
- A financial institution’s data systems are hacked
What Has to Be Reported on a SAR?
A SAR must be filed within 30 days that the financial institution detects suspicious activity; in no case should it be filed more than 60 days after the suspicious activity is detected. As part of the SAR, a financial institution should report:
- The nature of the suspicious activity
- By whom the suspicious activity is being conducted
- When the suspicious activity took place
- Where the suspicious activity took place
- Why the institution that is filing the SAR thinks that the activity is suspicious
Get Help with Your SAR Filing
At Bates Group, we are experienced in filing Suspicious Activity Reports and are well-versed in the various SAR requirements. If your financial institution detects suspicious money laundering or terrorist-financing activity, it is crucial that it is reported promptly and accurately. When you choose the professionals at Bates Group, we can manage your SAR filing from start to finish, as well as represent you should FinCEN have any follow-up questions.
Call Bates Group Directly Today
Compromising the integrity of your financial institution by failing to properly file a SARs report can have serious consequences. For the support you need from the experts at Bates Group, call us directly or send us a message online. Filing your SAR report is important and time-sensitive. Get in touch now to get started. We work with money-service businesses nationwide.
