SAR (Suspicious Activities Report)

March 21, 2019

The FinCEN (Financial Crimes Enforcement Network) requires financial institutions to fill out an SAR (Suspicious Activities Report) after a suspected incident of money laundering or fraud. This is required under the Bank Secrecy Act (BSA). The SAR must be filled out within 30 days of the suspected attack.

Financial institutions that are bound by the BSA have to keep a copy of the SAR for five years following a suspected incident. Under penalty of law, the financial institution. Any employees involved in the reporting of suspicious activities (including directors, officers, and agents) may not notify any person involved in the incident that the incident has been reported in the SAR.

At CERES, we’ll use an SAR in compliance with the blockchain.

To learn More, see our other Articles

2019 Crypto RoundUp: The 4 Biggest Stories in Cryptocurrency This Year
3 Myths Surrounding Cryptocurrency
How CERES is Solving the Banking and Compliance Issues in the Cannabis Industry
Why Compliance is More Important Than Ever In The Crypto Space