Suspicious Activity Report (SAR)
Confidential filing -- the unified FinCEN SAR (Form 111; the LEGACY broker-dealer form was SAR-SF, Form 101) -- that financial institutions submit to FinCEN when they detect transactions that appear designed to evade reporting requirements, have no apparent legitimate purpose, or involve funds derived from illegal activity. No dollar minimum; judgment goes into DETECTION -- once the criteria are met, filing is mandatory (31 CFR 1023.320, within 30 days). Broker-dealers required to file when aggregate $5,000+ AND a known or suspected violation. Filed within 30 days of detection. The "no tipping off" rule (31 U.S.C. 5318(g)) makes it a federal crime to inform the client (or anyone outside the AML chain) that a SAR is being filed -- good-faith filings are protected from civil liability.
Lessons that use this term
Related terms
Anti-Money-Laundering (AML) · Currency Transaction Report (CTR) · Investment Policy Statement (IPS) · Know Your Client (KYC) · Onboarding Workflow · Politically Exposed Person (PEP)
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