If an adviser is suspicious about a customer's account activity and believes that there may be illegal activity, then the advise

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velikii [3]

1 year ago

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If an adviser is suspicious about a customer's account activity and believes that there may be illegal activity, then the advise

r:_____.

Business

1 answer:

Simora [160] · Answer 1 · 2023-12-07T22:05:50+03:00

Then the advisor must file a suspicious activity report (SAR) with Financial Crimes Enforcement Network (FinCEN).

SAR- When there is a suspected case of money laundering or fraud, financial institutions and those associated with their business must file a Suspicious Activity Report (SAR) with the Financial Crimes Enforcement Network (FinCEN). These reports are tools for monitoring any activity in the finance-related industries that is deemed unusual, a precursor to illegal activity, or may endanger public safety.

FinCEN- The Financial Crimes Enforcement Network is a U.S. Department of Treasury bureau that collects and analyzes financial transaction data in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Learn more about suspicious activity report (SAR) here:

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