Suspicious Activity Reporting (SAR)
Verafin brings increased transparency to an institution’s suspicious activity reporting activities by helping you to track the decision-making process, establishing clear connections between the initial alert of suspicious activity, the details of the case investigation, and the completion of any required Suspicious Activity Report (SAR).
When required, Verafin generates pre-populated SARs based on the information contained in the relevant alert/case. This removes the frustration associated with retyping a report or re-entering key data. You also eliminate the tedium of printing, scanning, and mailing completed reports.
Highlights of the Verafin SAR solution include:
- The new FinCEN SAR form
- An easy-to-follow reporting workflow that prioritizes reports by due date
- Pre-populated SARs (excluding the narrative) using data from the alert/case
- Automatic submission of queued reports electronically to FinCEN (Batch BSA Filing)
- The ability to manually create a SAR independent of an alert, and to add transactions, suspects and other details as required
- Management of reports rejected by FinCEN due to data quality (and resubmission of corrected reports)
- Tracking of submitted SARs that require refilling when the initially reported suspicious activity persists
- Saved comments and notes for all reports
- Generated reports for all SARs filed within a given time period (i.e, a monthly Board of Directors report)
- An easily accessed five year archive of SARs
Click here to download a Suspicious Activity Report (SAR) feature sheet.