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 happens when a bank files a suspicious activity report?

Banks, money exchanges, securities brokers, casinos and other financial institutions are required to file suspicious activity reports to the U.S. Treasury's Financial Crimes Enforcement Network. Failure to report can lead to civil penalties such as fines.

When should a bank file a suspicious activity report SAR )?

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.