How many days does a financial institution have to file a SAR once suspicious activity is detected?

A financial institution is required to file a Suspicious Activity Report (SAR) within 30 days after detecting suspicious activity. This requirement is in place to ensure that financial institutions promptly report any potentially illegal activities, allowing for timely investigations and prevention of further illicit actions. If the activity is continuing, an institution may need to file the SAR within 30 days of the initial detection to effectively communicate the ongoing issues to the authorities. This response time is essential for compliance with the Bank Secrecy Act and to uphold the institution’s responsibilities in combating money laundering and related crimes. This timeframe underscores the urgency and importance of monitoring and reporting suspicious activities to enhance the overall integrity of the financial system.