Which MSBs must file SARs?
MSBs required to file Suspicious Activity Reports (SAR-MSBs) are:
- MSBs serving as money transmitters;
- Currency dealers or exchangers;
- Issuers, sellers, or redeemers of money orders;
- Issuers, sellers, or redeemers of travelers checks; and
- U.S. Postal Service.
A MSB (whether Principal or Agent) must file a SAR when a transaction performed by, at or through the MSB is BOTH:
- Suspicious; and,
- At least $2,000.00 or more
MSBs must file a SAR-MSB NO LATER THAN 30 days after becoming aware of a suspicious transaction.
MSBs and their employees must also be aware that the filing of a SAR must be kept confidential. Disclosure of the SAR filing is prohibited.
Again, MSBs (including MSB employees) are prohibited from disclosing to a person involved in the transaction that a suspicious activity report has been filed. Further, each MSB (including each MSB employee) is protected from civil liability for any SAR filed by the MSB (so long as the confidentiality is maintained).
MSBs must maintain copies of all SARs filed as well as the original or business record equivalent of any supporting documentation for a period of five years from the date of the report.
Supporting documentation must be identified as such, and, although it is not to be filed with the report, supporting documentation is deemed to have been filed with the report. Upon request, MSBs must make all supporting documentation available to FinCEN and any other appropriate law enforcement or supervisory agencies (including the IRS in its capacity as BSA examination authority).