Which statements are true regarding SAR filing requirements?

The statement regarding SAR filing requirements that aligns with regulatory expectations is that credit unions must evaluate if activity meets suspicious criteria. Under the Bank Secrecy Act (BSA), all financial institutions, including credit unions, are required to monitor and assess specific transactions and activity for suspicious behavior. If a credit union identifies activity that fits this suspicious criterion, then it is obligated to file a Suspicious Activity Report (SAR) regardless of the transaction amount, the suspect being known or unknown.

This requirement is critical because it ensures that institutions actively participate in preventing fraud and money laundering by reporting potentially criminal activity. All entities covered under the BSA are expected to maintain robust compliance programs to detect and report suspicious activities, which can help law enforcement investigate and combat financial crimes.

Understanding this obligation highlights the need for vigilance in all financial transactions, reinforcing the role of credit unions in maintaining the integrity of the financial system.