Which term describes the act of filing a report about suspicious activity with authorities?

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Multiple Choice

Which term describes the act of filing a report about suspicious activity with authorities?

Under the Bank Secrecy Act, when activity appears suspicious, financial institutions must report it to the authorities. The act of filing that report is called a Suspicious Activity Report filing, or SAR filing, submitted to FinCEN. The SAR collects details about the customer, the transaction, any red flags, and the reasons the activity raises suspicion, helping investigators detect money laundering and other financial crimes. Legitimate transactions describe normal, lawful activity and do not prompt SAR filing. Red flags are warning signs that might trigger an investigation, but they are clues used to decide to file; they are not the filing itself. Insufficient information means there isn't enough data to file yet.

Under the Bank Secrecy Act, when activity appears suspicious, financial institutions must report it to the authorities. The act of filing that report is called a Suspicious Activity Report filing, or SAR filing, submitted to FinCEN. The SAR collects details about the customer, the transaction, any red flags, and the reasons the activity raises suspicion, helping investigators detect money laundering and other financial crimes. Legitimate transactions describe normal, lawful activity and do not prompt SAR filing. Red flags are warning signs that might trigger an investigation, but they are clues used to decide to file; they are not the filing itself. Insufficient information means there isn't enough data to file yet.

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