3.122- What are the Circumstances that require filing a SAR?

The prerequisite for filing an SAR varies from country to country however in the USA, FinCEN necessitates that a SARS must be filed on certain occasions. It is important to know that it can also differ from institution to institution.

First and foremost if a financial institution thinks it is likely that someone from their staff(employee) is involved in insider activity then this triggers the need for an SARS.

Moving on if the BSA is infringed or there is some indication of money laundering then obviously this triggers the need for a report too. Financial institutions also generally regulate the transactions that occur between consumers besides just merely identifying heinous crimes on part of the employee. Lastly, computer hacking and customers carrying out monetary services without a license also call for a report to be filed. As soon as such an activity (the ones mentioned above) occur then there is an obligation to submit such a report within 30 calendar days.

Related Topics: What is the Enforcement authority for “red flag” rules • Bank Secrecy Act/Anti-Money Laundering (BSA/AML) ? What are the Facts about Suspicious Activity Reports (SARs) ?

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