Question

Who says that Financial institutions are required to file a SAR report no later than 30 calendar days after the date of initial detection of facts (delayed filing no more than 60 days)?

Answer 1

Financial institutions in the U.S. must file a SAR within 30 calendar days after initially detecting suspicious activity, and if necessary, they may extend the deadline to 60 days if the identity of the suspect is unknown.

Step-by-step explanation:

The statement refers to the requirement for financial institutions to file a Suspicious Activity Report (SAR) when they detect potential signs of money laundering or fraud. In the United States, this requirement is a part of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations.

The question mentions the rule that financial institutions must file a SAR no later than 30 calendar days after the initial detection of suspicious activity. If the identity of the suspect is not known at that time, the filing may be delayed for an additional 30 days, meaning the SAR report could be filed up to 60 days after the initial detection.