After how many days of review can financial institutions file SARs for continuing activity?

When it comes to filing Suspicious Activity Reports (SARs) for continuing activity, financial institutions are provided guidance following a 90-day review period. This is established under regulations designed to ensure that institutions have sufficient time to assess transactions and gather relevant information about suspected illegal activities. After this 90-day period, if the suspicious activity is still ongoing, the institution is granted the ability to file SARs to report the continuing activity.

This timeframe allows financial institutions to investigate the activity adequately, collect necessary evidence, and determine whether a SAR needs to be filed, ensuring compliance with the Bank Secrecy Act (BSA) and protecting the institution from engaging in or facilitating illicit activities. Therefore, understanding the 90-day review period is crucial for compliance specialists in adhering to the regulations governing SAR filings.