Which term refers to documentation retained to support a SAR filing for a period of five years?

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Multiple Choice

Which term refers to documentation retained to support a SAR filing for a period of five years?

The key idea is the kind of records kept to justify a Suspicious Activity Report. The term used for those records is Supporting Documentation. This includes the evidence and notes that explain why the SAR was filed—transaction details, account information, internal notes, correspondence, and any corroborating materials. Financial institutions must retain these documents for at least five years from the date of the SAR filing, so regulators or law enforcement can review them if needed. The other options refer to processes or entities (a law enforcement inquiry, reporting thresholds, or the regulator FinCEN) rather than the specific set of records kept to back up the SAR.

The key idea is the kind of records kept to justify a Suspicious Activity Report. The term used for those records is Supporting Documentation. This includes the evidence and notes that explain why the SAR was filed—transaction details, account information, internal notes, correspondence, and any corroborating materials. Financial institutions must retain these documents for at least five years from the date of the SAR filing, so regulators or law enforcement can review them if needed. The other options refer to processes or entities (a law enforcement inquiry, reporting thresholds, or the regulator FinCEN) rather than the specific set of records kept to back up the SAR.

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