What is the maximum amount of time allowed to file a SAR when the identity of the suspicious person is not known?

What is the maximum amount of time allowed to file a SAR when the identity of the suspicious person is not known?

• A. 90 days
• B. 60 days
• C. 30 days
• D. 120 days

Answer: (B)

The timeframe for filing a Suspicious Activity Report (SAR) is critical in combating money laundering and other financial crimes. When the identity of a suspicious person is not known, financial institutions are required to file the SAR within 60 days of detecting the suspicious activity. This timeline is stipulated to ensure prompt reporting and facilitate timely investigations by law enforcement agencies. Filing within this period helps to mitigate risks and potentially prevent further illicit activities. If the identity of the individual is not determined within those 60 days, the institution can still file the SAR based on the nature of the suspicious behavior observed, allowing authorities to take appropriate action based on the provided information. This requirement is intended to enhance the efficiency of the reporting process and increase the chances of tracing illicit activities before they can escalate. Hence, the maximum time allowed to file a SAR when the identity of the suspicious person is not known is indeed 60 days.

The timeframe for filing a Suspicious Activity Report (SAR) is critical in combating money laundering and other financial crimes. When the identity of a suspicious person is not known, financial institutions are required to file the SAR within 60 days of detecting the suspicious activity. This timeline is stipulated to ensure prompt reporting and facilitate timely investigations by law enforcement agencies.

Filing within this period helps to mitigate risks and potentially prevent further illicit activities. If the identity of the individual is not determined within those 60 days, the institution can still file the SAR based on the nature of the suspicious behavior observed, allowing authorities to take appropriate action based on the provided information.

This requirement is intended to enhance the efficiency of the reporting process and increase the chances of tracing illicit activities before they can escalate. Hence, the maximum time allowed to file a SAR when the identity of the suspicious person is not known is indeed 60 days.