Definition of suspicious activity/transaction

A suspicious activity or transaction is one that potentially involves abuse or misuse of the financial system to commit a criminal offence. Often the criminal offence in question relates to money laundering, terrorist financing or proliferation financing. Guidance as to the type of activities or transactions which could be considered suspicious could be found at Schedule 3 of the AMLTF Code, 2008 or in the Guidance Note on Suspicious Transaction Reports or Schedule of the AML Code.

What is a SAR?

A suspicious activity report (“SAR”), sometimes referred to as a suspicious transaction report (“STR”), is a document detailing alleged suspicious activities or transactions.

Who can file a SAR?

Suspicious Activity Reports (SARs) can be submitted by any individual or organisation that knows or suspects a person or entity is involved in money laundering or terrorist financing. 

An individual or organisation has a legal obligation to file a SAR if they develop a suspicion of money laundering or terrorist financing during the course of their business, trade, employment or profession. Failure to report can lead to criminal prosecution.