Suspicious Activity Report (SAR) / STR
Definition
A confidential report filed by a reporting entity to the national Financial Intelligence Unit when a transaction or pattern gives rise to a suspicion of money laundering or terrorist financing. Filing is mandatory; disclosing the report to the subject (tipping off) is a criminal offence.
Related terms
- Beneficial Owner
- The natural person who ultimately owns or controls a legal entity or arrangement, as distinct from the nominee or registered owner. Anti-money-laundering...
- Correspondent Banking
- A relationship in which one bank (the correspondent) provides services such as clearing and settlement to another bank (the respondent), allowing the...
- Customer Due Diligence (CDD)
- The process of identifying and verifying the identity of a customer and their beneficial owner, understanding the purpose of the business relationship,...
- Enhanced Due Diligence (EDD)
- A heightened set of CDD measures applied to higher-risk customers or relationships, including PEPs, high-risk jurisdictions, and certain business types. EDD typically...
- Politically Exposed Person (PEP)
- An individual who holds or has held a prominent public function, including senior government officials, judges, military officers, and their close family...
Explained in
- AML Compliance: KYC, CDD, and Suspicious Activity ReportingA confidential report filed by a reporting entity to the national Financial Intelligence Unit when a transaction or pattern gives rise to a suspicion of money...