Suspicious Activity Reporting: Maximizing Impact and Mitigating Risk

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Executive Summary

An effective Suspicious Activity Reporting (SAR) process is a critical foundational element in any anti-money laundering program and yet, the financial services industry continues to struggle with getting it right. Having a flawed and inefficient SAR process can weaken the effectiveness of even the most robust and well-thought-out AML program, leading to a domino effect of detrimental consequences. These can include increased costs, wasted productivity and, in the most severe cases, civil and/or criminal penalties, substantial regulatory fines, reputational damage and unintentional involvement in criminal activity.

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