Suspicious Activity Report (SAR): What You Need to Know

To combat the growing volume of illicit financial activities, such as money laundering or the financing of terrorism, it is the duty of financial institutions (FI) to report any suspicious transactions to authorities. For most countries, this takes the form of a document submitted by a financial institution to the appropriate authority, according to compliance regulations for that country. Documents filed are known as suspicious activity reports (SAR), or sometimes suspicious transaction reports (STR). As such, financial institutions must be aware of when and how to report suspicious activity for the specific country they are operating in and should ensure that their Anti-Money Laundering (AML) process is set up to submit such reports efficiently.

What you will learn from this ebook?
- What constitutes a suspicious activity
- Who is required to file a SAR
- SAR decision making process
- E-filing and the future of SAR