Regulatory Alerts2003-03-12
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Reporting Suspicious Activity - A Quick Reference Guide for MSBs
Money services businesses must file a Suspicious Activity Report for any transaction or pattern of transactions involving $2,000 or more that is known, suspected, or reasoned to involve criminal activity, evade Bank Secrecy Act requirements, serve no legal purpose, or facilitate crime. Issuers reviewing clearance records must report suspicious activity at or above $5,000. Filings must be submitted within 30 calendar days of awareness to the Detroit Computing Center, and copies must be retained for five years. Structuring transactions to evade reporting thresholds is a federal crime that must also be reported.
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