What is the maximum amount of time allowed to file a SAR when the identity of the suspicious person is not known?

The correct answer is that the maximum amount of time allowed to file a Suspicious Activity Report (SAR) when the identity of the suspicious person is not known is 60 days. This time frame is significant as it balances the need for timely reporting of suspicious activities with the realities of gathering adequate information.

When an institution detects potentially suspicious behavior but is unable to confirm the identity of the individual involved, they are still required to report the activity to the appropriate authorities within this stipulated period. Filing a SAR is crucial for combating financial crime, including money laundering, as it allows law enforcement agencies to track illicit activities effectively.

The 60-day window ensures that financial institutions can promptly initiate investigations or improve scrutiny while complying with regulatory expectations, highlighting the importance of diligence in monitoring and reporting unusual financial transactions.