SAR
Suspicious Activity Report
Definition
A report filed by a financial institution with the relevant financial intelligence unit (FIU) when it suspects that a transaction or activity may involve money laundering, terrorist financing, or other financial crime. Filing a SAR is a legal obligation and tipping off the subject is a criminal offence.
Regulatory Context
In the US, SARs are filed with FinCEN under the Bank Secrecy Act. In the UK, they are filed with the National Crime Agency (NCA) under the Proceeds of Crime Act 2002. Most jurisdictions impose strict deadlines for filing.