BSA Compliance Practice exam

The requirement for credit unions to file a Suspicious Activity Report (SAR) is triggered when there are notable indicators of suspicious activity. In particular, credit unions must file a SAR for criminal violations when the amount involved is $5,000 or more, and there is a known suspect connected to the suspicious activity. This reflects the regulations set by the Financial Crimes Enforcement Network (FinCEN), which aim to combat money laundering and other financial crimes.

The identification of a suspect is crucial because it allows for appropriate follow-up investigations by law enforcement agencies. When the specific criteria of $5,000 or more and a known suspect are met, this underscores the significance of the activity and heightens the need for reporting, thereby supporting the prevention of financial crimes.

The other options do not align with the established guidelines regarding SAR filings. For example, merely a customer request or amounts less than $5,000 without a suspect do not warrant a SAR filing, indicating that the requirements are structured around both the dollar threshold and the identification of suspected parties involved in any illicit activities.