Under the Bank Secrecy Act, financial institutions must file a Suspicious Activity Report (SAR) within how many days of initial detection of a suspicious transaction?
Correct Answer
B) 30 days
Under the Bank Secrecy Act, financial institutions must file a SAR within 30 days of the initial detection of facts that may constitute a basis for filing a SAR. This is a critical compliance requirement for anti-money laundering efforts.
Why This Is the Correct Answer
Under the Bank Secrecy Act, financial institutions must file a SAR within 30 days of the initial detection of facts that may constitute a basis for filing a SAR. This is a critical compliance requirement for anti-money laundering efforts.
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A lender emails a Loan Estimate to a borrower on Tuesday at 2:00 PM. The borrower's email server is down and doesn't receive the email until Thursday morning. When is the Loan Estimate considered delivered for TRID purposes?