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SARS - When Does 30 Days Begin?

Answered by: 
Randy Carey

Question: 
Regarding the filing of SARs: When does the 30 days start? At detection, or at conclusion after reviewing a detection? We are going round and round with this. If someone notifies you on Feb. 1st and you investigate and conclude one week later on Feb. 8th, do you have 30 days from the 1st or the 8th for filing a SAR on time?
Answer: 

February 8th would be the correct answer. However, I would recommend that your SAR procedures outline who and how a decision is made to file a SAR, and then just make sure the process is thoroughly documented in each situation. You have 30 days to file once the "organization" decides the activity is suspicious.

First published on BankersOnline.com 4/10/06

First published on 04/10/2006

Filed under: 
Security
Filed under security as: 
SAR

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