What is the primary purpose of FinCEN's SAR E-Filing System?

The primary purpose of FinCEN's SAR E-Filing System is to enable financial institutions and certain other entities to electronically file Suspicious Activity Reports (SARs). SARs are crucial tools used by these institutions to report any suspicious behavior that may indicate money laundering, fraud, or other financial crimes. The electronic filing system streamlines the reporting process, ensuring that reports are submitted efficiently and accurately, which in turn helps law enforcement and regulatory agencies detect and investigate financial crime effectively.

This system enhances the ability of financial institutions to comply with their regulatory obligations under the Bank Secrecy Act (BSA) by providing a secure, efficient, and standardized method for submitting SARs, as well as improving data aggregation and analysis by FinCEN and other authorities. Thus, option C accurately reflects the primary function of this important system.