![]() ![]() Just because a bank files an SAR doesn’t mean a crime has occurred. If something looks suspicious, the bank has a duty to report it under federal law.Įssentially, if a financial institution suspects an individual or organization is engaging in a financial crime, federal law requires the institution to file an SAR. SARs are also useful for federal law enforcement agencies attempting to detect sources of terrorist financing. ![]() If you pay attention to the news, you may have noticed recent discussions about “suspicious activity reports.” Sometimes abbreviated SAR, a Suspicious Activity Report is a report that banks and other financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) if they have reason to believe someone has engaged in white-collar crimes like money laundering or fraud. ![]()
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