Suspicious-Activity Report [SAR] Law and Legal Definition
A Suspicious Activity Report [SAR] refers to a report concerning suspicious or potentially suspicious activity, filed with the Financial Crimes Enforcement Network (FinCEN), an agency of the U.S. Department of the Treasury. SARs are one of the government’s main weapons in the battle against money laundering and other financial crimes since these reports generate leads that law enforcement agencies use to initiate money laundering investigations.
SAR is a key element of mandatory arrangements in a financial institution. SAR help banks and financial institutions protect themselves and their reputation from the criminals and help law enforcement to track down and arrest those criminals.
