Questions: Each suspicious activity report (SAR) must be filed within how many days of the initial determination for the necessity of filing the report? A) 30 days B) 130 days C) 90 days D) 120 days

Each suspicious activity report (SAR) must be filed within how many days of the initial determination for the necessity of filing the report? A) 30 days B) 130 days C) 90 days D) 120 days
Transcript text: Each suspicious activity report (SAR) must be filed within how many days of the initial determination for the necessity of filing the report? A) 30 days B) 130 days C) 90 days D) 120 days
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Solution

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Answer

The answer is A) 30 days

Explanation
Option 1: 30 days

This is the correct answer. According to the Financial Crimes Enforcement Network (FinCEN) guidelines, a Suspicious Activity Report (SAR) must be filed within 30 calendar days of the initial detection of facts that may constitute a basis for filing a SAR.

Option 2: 130 days

This is incorrect. There is no regulatory guideline that allows for a 130-day period for filing a SAR.

Option 3: 90 days

This is incorrect. While 90 days might be a reasonable time frame for other types of reports or actions, it does not apply to the filing of a SAR.

Option 4: 120 days

This is incorrect. Similar to the 130-day option, there is no regulatory guideline that allows for a 120-day period for filing a SAR.

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