Federal Mortgage LawsQuestion 52 of 400
After detecting activity that appears suspicious, within how many calendar days must a covered mortgage company generally file a Suspicious Activity Report?
a.Within 10 calendar days
b.Within 30 calendar days
c.Within 90 calendar days
d.Within 180 calendar days
Explanation
FinCEN rules generally require a SAR to be filed no later than 30 calendar days after the date the company initially detects facts that may constitute a basis for filing. If no suspect is identified, the deadline may be extended an additional 30 days, but never beyond 60 days total.
Law Reference: Bank Secrecy Act / Anti-Money Laundering (FinCEN rules)Practice all 400 questions free — no signup required.
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