Suspicious Activity Reporting — Overview

Suspicious Activity Reporting Overview FFIEC BSA/AML Examination Manual 60 2/27 Suspicious Activity Reporting Overview Objective. Assess the bank s policies, procedures, and processes, and overall compliance with statutory and regulatory requirements for monitoring, detecting, and Reporting Suspicious activities. Suspicious Activity Reporting forms the cornerstone of the BSA Reporting system. It is critical to the United States ability to utilize financial information to combat terrorism, terrorist financing, money laundering, and other financial crimes. Examiners and banks should recognize that the quality of SAR content is critical to the adequacy and effectiveness of the Suspicious Activity Reporting system. Within this system, FinCEN and the federal banking agencies recognize that, as a practical matter, it is not possible for a bank to detect and report all potentially illicit transactions that flow through the bank. Examiners should focus on evaluating a bank s policies, procedures, and processes to identify, evaluate, and report susp icious Activity .

higher-risk products, services, customers, entities, and geographies. The bank should ensure adequate staff is assigned to the identification, research, and reporting of suspicious activities, taking into account the bank’s overall risk profile and the volume of transactions.

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  Activity, Reporting, Risks, Overview, Suspicious, Suspicious activity reporting overview

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