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SAR Filing Timelines

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Question: 
SARs must be filed within how many days of detecting a suspicious activity?
Answer: 

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. If no suspect was identified on the date of detection of the incident requiring the filing, a financial institution may delay filing a suspicious activity report for an additional 30 calendar days to identify a suspect. In no case shall reporting be delayed more than 60 calendar days after the date of initial detection of a reportable transaction.

This can be found in the instructions on the SAR form.

First published on BankersOnline.com 1/31/11

First published on 01/31/2011

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