Transcription of Suspicious Activity Reporting — Overview
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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.
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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