June 3 2019
The Suspicious Activity Report (SAR) was created by five federal financial agencies and the Treasury Department’s Financial Crimes Enforcement Network (FinCEN). The purpose of the SAR is to report a suspicious transaction relevant to a possible violation of law or regulation. The SAR must be electronically filed through FinCEN’s Bank Secrecy Act (BSA) E-Filing System. Financial information retrieved from a SAR assists the US Government with combating terrorism, terrorist financing, money laundering, and other financial crimes.
The quality of information provided in a SAR narrative is important.