Within how many days must a Suspicious Activity Report (SAR) be filed after identifying a suspicious transaction?

A Suspicious Activity Report (SAR) must be filed within 30 days after a financial institution identifies suspicious activity or a suspicious transaction. This timeline is critical for compliance with the Bank Secrecy Act (BSA) and helps ensure that financial institutions respond promptly to potential illicit activities. This requirement is set by the Financial Crimes Enforcement Network (FinCEN), and timely reporting is essential for law enforcement efforts to investigate and prevent financial crimes.

Filing within this 30-day window allows authorities to act quickly on emerging threats and protects the financial system from being exploited by criminal activities. Institutions may extend this period by an additional 30 days (for a total of up to 60 days), but the initial filing must occur within the first 30 days after detection of the suspicious activity. This structured timeframe helps maintain a focused and effective compliance environment within financial institutions.