If you pay attention to the news, you may have noticed recent discussions about “suspicious activity reports.” Sometimes abbreviated SAR, a Suspicious Activity Report is a report that banks and other financial institutions must file with the Financial Crimes Enforcement Network (FinCEN) if they have reason to believe someone has engaged in white-collar crimes like money laundering or fraud. SARs are also useful for federal law enforcement agencies attempting to detect sources of terrorist financing. If something looks suspicious, the bank has a duty to report it under federal law. … [Read more...]