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Summary: The Money Laundry Reporting Office in Switzerland (MROS) received 55 Suspicious Activity Reports (SARs) involving Egypt in 2011, a recent MROS report has revealed.
Reported incidences of suspicious activity in commercial real estate financing (CREF) almost tripled between 2007 and 2010, according to an analysis of suspicious activity reports (SARs) filed by depository institutions The new analysis of SARs released by the Financial Crimes Enforcement Network (FinCEN) on March 30 found that filings that reported potential commercial real estate financing fraud came from institutions of varying sizes and locations.
The Aithent Fraud Manager helps gather, organize and analyze information about suspected fraud or other financial crimes, and also helps prepare and file Suspicious Activity Reports required by Fin-CEN at the Treasury Department.
Suspicious activity reports filed by financial institutions in 2008 showed losses of more than 1.
Mr Ashford said: "We may well see an increase in retail banks issuing suspicious activity reports as they closely examine the movement of money by investors suspected of failing to comply with current tax legalisation.
Banks, which are governed by the Bank Secrecy Act, must register account holders and file suspicious activity reports.
Soca has reminded CIMA that the Home Office consulted last year on the prescribed form for reporting suspicious activities to Soca and has since announced that from April 1 the standard way to submit suspicious activity reports (SARs) will be online.
This investigation could locate only one suspicious activity report involving $2,000 as having been previously filed, even after two municipalities and three different banks had become aware of the attempted fraud being conducted by the subject.