Suspicious Activity Reports (SARs) are filed as part of which program?

Suspicious Activity Reports (SARs) are filed as part of which program?

• A. SARs are filed as part of the BSA/AML program to report suspicious activity.
• B. SARs are filed with the IT department for archiving.
• C. SARs are filed under PCI DSS guidelines.
• D. SARs are filed as part of OFAC compliance.

Answer: (D)

Suspicious Activity Reports belong to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program. When a financial institution detects activity that could signal money laundering, fraud, or other illicit financial crime, it files a SAR with FinCEN. OFAC compliance, by contrast, deals with sanctions screening and blocking transactions involving sanctioned individuals or entities, not with reporting suspicious activity. So the SAR filing is a BSA/AML requirement, not an OFAC or other program.

Suspicious Activity Reports belong to the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) program. When a financial institution detects activity that could signal money laundering, fraud, or other illicit financial crime, it files a SAR with FinCEN. OFAC compliance, by contrast, deals with sanctions screening and blocking transactions involving sanctioned individuals or entities, not with reporting suspicious activity. So the SAR filing is a BSA/AML requirement, not an OFAC or other program.