There have always been rules and regulations regarding transaction conducted in the banks of the United States. However current times demand particular attention to activities that may indicate illegal activity. The Suspicious Activity Report is one of the current installations in the array of screening and detected instances of money laundering, or embezzlement. There are specific guidelines and regulations that all those employed with the financial institutions of the United States. These are federal requirements and the neglect to fill out such reports can leave one open to investigation and pro section.
This is of course intending to put and end to all cases of fraud and illegal banking activity, but it is geared to stop the funding, and the access to those funds, of the terrorist organizations throughout the world. When deposits or transfers occur in any amount that are connected to an illegal activity a report must be filled out. When the criminal is identified in any activity a report must be filled out. When a transaction is upwards of twenty five thousand dollars or more is involved, a Suspicious Activity Report must be filled out regardless of whether the individual is considered a subject or not.
If a transaction seems to have no apparent lawful or business purpose, or if the transaction radically differs from the kinds of transaction the customer normally conducts, and there is a lack of an explanation regarding the transaction, the report must be filled out. Transactions under consideration include the obvious deposits, withdrawals and transfers, but also pertain to currency exchange, credit extensions, and the sale or purchases of bonds and stocks.
Reports of such activities are required to filled out and filed within thirty days of the initial suspected activity. If the identity of the suspect is unknown, the financial institution is given sixty days to file the report. The suspect can not be notified regarding the fact that a report was filed against them. Copies of filed reports must be kept on file for five years preceding the action.
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