A financial institution is required to file a SAR within how many days of becoming aware of suspicious activity?

• A. 15 days
• B. 45 days
• C. 60 days
• D. 30 days

Answer: (D)

The main idea here is timely reporting under the Bank Secrecy Act. When a financial institution detects suspicious activity, it must file a Suspicious Activity Report within 30 calendar days from the date the activity is first identified as suspicious. This prompt timing helps authorities quickly identify and intervene in potential money laundering or illicit financing. There is room for an extension to gather additional information, but the baseline requirement is 30 days. If more time is needed, the report can be filed within 60 calendar days from the initial discovery, not beyond that without specific justification. For example, if you first notice suspicious activity on January 1, you should file by January 31; if you need more time to collect details, you can file by March 2.