Suspicious Transaction Reporting – A Checklist
Suspicious Transaction Reporting (STR) or Suspicious Activity Reporting (SAR) has become the prime focus of the finance industry, which is particularly under the radar of law enforcement agencies and regulators. Financial companies are struggling to comply with the Bank Secrecy Act (BSA) and to efficiently report suspicious transactions. SARs are critical to the nation’s BSA and effective utilization of financial data can serve as a deterrent to terrorism financing and money laundering . Maintaining a structured and streamlined SAR process helps organizations file complete, informative, and timely SAR reports. Companies need to ensure that their SAR process includes but is not limited to policy, privacy, civil rights, technology, training, and outreach.[1]
