![]() In the United States, FinCEN requires a suspicious activity report in a few instances. The criteria for providing a SAR differs from country to country and even from institution to institution, depending on the nature of the suspicious activity and the particulars of the bank or fund. When is a suspicious activity report required? With this knowledge, they can anticipate and counteract fraudulent and criminal behavior before it gains a foothold. SARs give governments an opportunity to spot and analyze emerging trends and patterns across a broad spectrum of personal and organized crimes. Whether financial or otherwise, SARs enable law enforcement agencies to uncover and prosecute significant money laundering, criminal financial schemes, and other illegal endeavors. Mainly used to help financial institutions detect and report known or suspected violations, the USA Patriot Act expanded SAR requirements to help combat domestic and global terrorism. Originally called a "criminal referral form" the SAR became the standard form to report suspicious activity in 1996. ![]() Suspicious activity reports are a tool provided by the Bank Secrecy Act (BSA) of 1970. Who regulates suspicious activity reports? ![]() These reports are tools to help monitor any activity within finance-related industries that is deemed out of the ordinary, a precursor of illegal activity, or might threaten public safety. A Suspicious Activity Report (SAR) is a document that financial institutions, and those associated with their business, must file with the Financial Crimes Enforcement Network (FinCEN) whenever there is a suspected case of money laundering or fraud.
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