Suspicious Activity Report (SAR) Filing

What is SAR?

A Suspicious Activity Report (SAR) is a document that financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) whenever there is suspected or identified unusual or suspicious activity that may be indicative of financial crime, such as money laundering, fraud, or terrorist financing. Failure to report can result in penalties and fines for the financial institution.

SAR with Alloy

The SAR functionality within Alloy's Case Management system streamlines compliance reporting and helps conduct due diligence, aggregate, export, and directly file suspicious activity reports with FinCEN.

How does SAR work within Alloy?

Alloy aggregates suspicious activity data, prefill key fields, subject, and transaction details, and validates this data before submission. A completed report can be directly filed with FinCEN, reducing manual data entry. The report can also be exported in a .txt or .xml format to share with the client's partner banks. Following the filing, clients can receive updates on the status of the filed reports, address feedback, and directly resubmit from the Case Management dashboard.