What is a SAR document?
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.
What is the DCN on a SAR?
Filers attempting to submit a corrected/amended SAR via the BSA E-Filing System should check “Correct/amend prior report” and enter the previous Document Control Number (DCN)/BSA Identifier (ID) in the appropriate field.
How do you complete a SAR?
Suspicious Activity Reporting in the US Generally, in order to complete a SAR, employees must fill in an online form, citing various relevant factors, such as transaction dates and the names of those involved, and include a written description of the suspicious activity.
When must you file a SAR?
30 calendar days
A financial institution is required to file a suspicious activity report no later than 30 calendar days after the date of initial detection of facts that may constitute a basis for filing a suspicious activity report.
What is Part III of a SAR?
➢The FinCEN SAR features the sequence: ➢Step 1: Part IV – Filing Institution Contact Information. ➢Step 2: Part III – Information about the Financial. Institution where the Activity Occurred.
When filling out a SAR What does FinCEN request?
FinCEN requests that financial institutions select the appropriate characterization of suspicious activity in the Suspicious Activity Information section of the SAR form and include the term “elder financial exploitation” in the narrative portion of all relevant SARs filed.
What are the parts of a SAR?
The Components for SAR Compliance
- Identification or alert of unusual activity (which may include: employee identification, law enforcement inquiries, other referrals, and transaction and surveillance monitoring system output).
- Managing alerts.
- SAR decision making.
- SAR completion and filing.
What triggers suspicious bank activity?
One thing that can trigger an SAR is a large number of large cash deposits in an account that would not be expected to generate these kinds of deposits. Large drug trafficking organizations use large amounts of cash, so financial institutions watch for unexplained large volumes of cash deposits.