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When Filing Suspicious Activity Reports, Timing Isn’t Everything, But It Counts for Much
By Brian Monroe
printAmong the many pressures placed upon bank compliance officers faced with filing suspicious activity reports (SARs) is the pressure to fulfill their duties within legally imposed deadlines. Filing a SAR – a cornerstone of any financial institution's anti-money laundering program – is possibly the most perilous part of a compliance officer's duties. SARs are dependent on experienced professionals put in place to make judgment calls and the requirements lay out no clear thresholds, as is the case with currency transaction reports. Managing the timing of the process isn't an exact science, as filing deadlines vary greatly around the world. Banks...
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