True or False: The time period for filing a SAR can be extended to 60 days if no suspect can be identified.

The statement is true because, under the Bank Secrecy Act (BSA) and regulations outlined by FinCEN, financial institutions are required to file a Suspicious Activity Report (SAR) within 30 days of detecting suspicious activity. However, if the financial institution cannot identify a suspect, they are permitted to extend the filing period for an additional 30 days, giving a total of 60 days to file the SAR. This extension provides institutions with extra time to gather information before submitting the report, which is crucial for effective compliance and assisting law enforcement in investigations. Therefore, the ability to extend the filing time to 60 days when no suspect is identified aligns with the regulatory guidance.