Suspicious Activity Report (banking) - Reporters

Reporters

The report can start with any employee of a financial service. They are generally trained to be alert for suspicious activity, such as people trying to wire money out of the country without identification, or someone with no job who starts depositing large amounts of cash into an account. Employees are trained to communicate their suspicion up their chain of command where further decisions are made about whether to file a report or not.

Many different types of finance-related industries are required to file SARs. These include:

  • depository institutions (for example, banks and credit unions)
  • securities and futures dealers (for example, stock brokers and mutual fund brokers)
  • money services businesses (for example, check cashing services, currency exchange bureaus, and money order providers)
  • casinos and card clubs
  • dealers in precious metals and gems (for example, jewelery dealers)

Also required to file:

  • individuals who transport more than $10,000 into or out of the United States
  • shippers and receivers involved in the transfer of $10,000 into or out of the United States.
  • businesses that receive more than $10,000 in a transaction or in related transactions
  • people who have control over more than $10,000 in financial accounts outside of the U.S. during a calendar year

The SAR has several versions, many focused on specific industries.

Read more about this topic:  Suspicious Activity Report (banking)

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Famous quotes containing the word reporters:

    In clear weather the laziest may look across the Bay as far as Plymouth at a glance, or over the Atlantic as far as human vision reaches, merely raising his eyelids; or if he is too lazy to look after all, he can hardly help hearing the ceaseless dash and roar of the breakers. The restless ocean may at any moment cast up a whale or a wrecked vessel at your feet. All the reporters in the world, the most rapid stenographers, could not report the news it brings.
    Henry David Thoreau (1817–1862)

    Now he is a statesman, when what he really wants is to be what most reporters are, adult delinquents.
    Peggy Noonan (b. 1950)

    I think my wife ... is sure of my loyalty.... She knows how hard I work. She knows how tired I am every night. She knows I have fifty or sixty reporters watching me day and night.
    Jimmy Carter (James Earl Carter, Jr.)