How are Suspicious Activity Reports (SAR) submitted?

The <a href="/glossarycollection/suspicious-activity-report" style="color:#48277C;" target="_blank" title="Suspicious Activity Report">SAR</a> submission process varies by territory though most countries have made the move to electronic filing in order to standardise the process and make it more efficient. 

In the UK, SARs must be submitted to the National Crime Agency (NCA) Financial Investigations Unit (FIU) by a financial institution’s nominated officer. Having decided a SAR should be submitted to the NCA, the nominated officer should suspend the relevant transaction activity, (if it is safe to do so) before initiating the submission. SARs in the UK can be submitted in physical format, but it is faster and more efficient to use the SAR e-filing system. 

In the US, a FINCEN (Financial Crimes Enforcement Network) suspicious activity report must be submitted via the BAS e-filing system. Generally, in order to complete a SAR, employees must cite the relevant factors such as transaction dates, the names of those involved and a description of the activity.