When completing and filing a SAR, what is the bank NOT required to do?
When completing and filing a SAR, what is the bank NOT required to do?
When completing and filing a Suspicious Activity Report (SAR), the bank is not required to submit a copy of the supporting documentation with the SAR itself. The bank must retain the supporting documentation internally for its records. The SAR should include enough information to explain the suspicion of illicit activity, but the detailed supporting documents remain with the bank, not submitted with the SAR.
When completing and filing a Suspicious Activity Report (SAR), the bank is not required to submit a copy of the supporting documentation with the SAR itself. Instead, the bank should retain the supporting documentation internally for its records. The SAR should contain sufficient information to support the suspicion of illicit activity, but detailed supporting documentation is not submitted with the SAR itself.