SAR / STR (SAR)
Suspicious activity report or suspicious transaction report: a confidential report to the financial intelligence unit when there are reasonable grounds to suspect crime.
Overview
Firms must report suspicions to authorities such as FinCEN in the US or FINTRAC in Canada, within set deadlines. Tipping off the subject is an offence.
It connects most directly to Transaction monitoring, Financial Crimes Enforcement Network and Financial Transactions and Reports Analysis Centre of Canada.
Check the official sources below for legal scope, applicable dates and exceptions. This entry is an explanatory reference, not legal advice.
Why it matters
Late or missing reports are a frequent basis for AML enforcement.
Who it affects
Obliged entities under AML law.
Where it sits
Ten linked steps connect where you operate to the proof that you complied.
- 01Jurisdiction
- 02Industry
- 03Activity
- 04Authority
- 05Regulation
- 06Requirement
- 07Guidance
- 08Control
- 09Evidence
- 10Enforcement
Connections
The terms most closely tied to SAR. Select one to open it.
What to do about it
- 1Define the owner, frequency, data and pass condition.
- 2Automate the test on source data where you can.
- 3Capture evidence on every run, including exceptions.
- 4Review exceptions and failures and record the decision.
From requirement to evidence.
Reporting deadlines and decisions are tracked and sealed, with strict access controls.
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