White Paper: Suspicious Activity Reports – 6 Best Practices for Complying with this Bank Secrecy Act Requirement

• By: ComplianceOnline Expert
• Date: July 08, 2014

Banks and other financial institutions have benefited massively from modern systems thatfacilitate quick transactions across the world. But these same systems can be abused bycriminals spread across geographies and institutions that turn a blind eye to such suspicioustransactions can pay a heavy price when they are caught by regulators. Thus, organizationsmust ensure that they have strong anti-money laundering programs in place to prevent suchactivity and the cornerstone of a strong program is a robust Suspicious Activity Reporting (SAR)process. This White Paper describes some of the best practice that banks and other financial organizations can adopt in order to build an effective and efficient SAR process.

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