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Suspicious Activity Report (SAR)

What is a Suspicious Activity Report (SAR?)

A Suspicious Activity Report (SAR) is an important part of transaction monitoring.

Financial institutions are duty-bound to report a suspicious transaction by a client when it has been detected. In most countries, this is via the submission of a SAR to the relevant financial authority within 30 days or a month of detection. This may be extended by a further 60 days two months if more evidence is required.

SARs are also required if a financial institution notices that an employee has acted suspiciously or if their IT has been compromised in any way.

Which situations require a Suspicious Activity Report to be written?

A SAR may need to be written when there is suspicious activity on an account. This might include:

  • Large deposits or withdrawals
  • Large domestic or international transfers
  • Large transactions
  • Unusual transactions

For more information, please refer to Transaction Monitoring.

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