Situation Where SAR Filed w/o Use of Cash?

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Question:

I know a SAR is only completed when the account holder is doing a transaction with cash. Is there ever a situation where it should/could be filed without the use of cash? I have a member that has sent several wires overseas in the last few weeks.

Answer:

SARs are not tied to use of cash. CTRs are tied to use of cash. SARs are filed for any suspicious activity: providing false financial statements, ID theft, suspected laundering of money using wires, etc.

First published on BankersOnline.com 9/19/11