How long does the BSA require a SAR to be filed after detecting potential suspicious activity?

The Bank Secrecy Act (BSA) mandates that a Suspicious Activity Report (SAR) must be filed within 30 days after detecting suspicious activity. This time frame is designed to ensure that financial institutions act promptly to report activities that could indicate money laundering, fraud, or other financial crimes. The 30-day period allows institutions to investigate the situation adequately without delaying the reporting process, which is critical for law enforcement agencies to take action.

In addition, if the suspicious activity involves an ongoing investigation or if the underlying investigation requires it, an extension may be granted, allowing for an additional 30 days to file the SAR. However, the initial requirement remains 30 days from the date of detection, highlighting the urgency with which potential threats to the financial system must be addressed.