SARs Throughout the Ages
This was the year that the Bank Secrecy Act (BSA) Act was formed.
What is 1970?
This unusual activity involved companies where an entity has no current business activity or significant assets.
What is a Shell Company?
As of April 1, 2013, FinCEN has mandated that financial institutions use this electronic form to report suspicious activity.
SAR Form 111
Another name for a Suspicious Activity Report.
What is a SAR?
This was designed to monitor and report large cash transactions above a certain threshold ($10,000.00), aiming to detect and deter illegal cash movements. This allowed authorities to track the movement of large sums of cash and identify potential money laundering activities.
What is a CTR or Currency Transaction Report?
This unusual activity consists of a suspect's attempt avoiding CTR reporting requirements.
What is Structuring?
What is the section that should be completed for Structuring on the SAR Form?
What is the Item 29 Strucuturing?
These types of penalties may be imposed for SAR disclosure violations.
What is civil and criminal penalties?
This is a report filed with FinCEN regarding potential money laundering, terrorist financing, or other illicit activities.
What is a Suspicious Activity Report?
This is unusual activity not aligned with KYC.
What is Transactions Inconsistent with the Customer Profile?
Step 5 / Part V contains this information on the SAR form.
What is the narrative?
This is the number of years SAR supporting documentation should be saved from the date of filing.
What is five (5) years?
FinCEN (Financial Criminal Enforcement Network) is a department under which bureau within the US Department.
What is the U.S. Department of the Treasury?
This is unusual and illicit activity outlined in external resources.
What is Activity Connected to Adverse Media?
Step 3 / Part I contains this information.
What is Subject Information?
These are the three (3) important parts of a SAR narrative.
What is the introduction, body, and conclusion?
According to FinCEN, this is the number of SARs filed by depository institutions.
What is 1,827,917?
This is unusual activity where the purpose and relationship is unknown.
What is Large Inflow of Funds from Unrelated/Unknown Sources?
Step 4 / Part II contains this information.
What is Suspicious Activity Information?
This risk deals negative publicity, loss of customers, difficulty attracting new business, and loss of public trust.
What is Reputation Risk?