What is the filing deadline for SARs related to previously filed suspicious activity?

The filing deadline for Suspicious Activity Reports (SARs) related to previously filed suspicious activity is precisely 120 days after the related SAR filing. This timeframe is important because it allows financial institutions to report any follow-up suspicious activity that may have occurred after the initial SAR was submitted.

By requiring the 120-day deadline, regulators can ensure that institutions remain vigilant and proactive in monitoring and reporting ongoing suspicious activities. This additional reporting layer is crucial for effective regulatory oversight and helps prevent potential financial crimes from being overlooked.

In essence, the requirement to file a subsequent SAR within 120 days of the initial SAR filing underscores the importance of continuous monitoring and reporting of suspicious behavior. This process allows financial institutions and regulators to stay informed and make timely decisions based on the latest information available.