When a financial or other institution detects suspicious or potentially illegal activity, they file a Suspicious Activity Report (SAR) with the Financial Crimes Enforcement Network (FinCEN).

Such a report includes detailed information about the detected activity, the parties involved, and all relevant supporting documentation.

While SARs are widely recognized as a primary form of reporting to Financial Intelligence Units, they are part of a larger framework of reports that financial institutions may need to submit based on the specifics of a transaction. These include:

• Suspicious Transaction Reports (STRs)
• Cash Transaction Reports (CTRs)
• Threshold Transaction Reports (TTRs)
• Unusual Transaction Reports (UTRs)
• International Funds Transfer Reports (IFTs)
• Cross-Border Reports
• Terrorism Financing Reports (TFRs)

As part of our Transaction Monitoring solution, we offer a functionality that allows you to automate the creation of the STR and CTR reports based on the existing cases.

Regulatory reporting is currently free of charge for all Sumsub clients. We offer STR reports for 50+ jurisdictions and a pilot version of the CTR report for testing purposes. Soon the scope of the available reports will be extended to cover more aspects of SAR.

How report generation works

The reports can be generated manually or automatically as XML files with all the fields auto-populated based on the cases, combining one or several transactions.

The STR/CTR reports include specific details such as:

• The nature of the suspicious activity
• The date(s) of the transactions
• The individuals or entities involved
• Relevant account numbers
• A description of how the activity was detected

The scheme below explains the case processing flow:

Available jurisdictions

Currently, you can generate reports for 50 countries worldwide:

Soon, the list will be expanded to include new locations and formats.

Available report types

Available report types depend on transaction counterparties and include the following:

• My client to My client
• My client to Third party
• Third party to My client

Get started with reporting

To generate the report:

1. In the Dashboard, open the Reports page.
2. Click Add report and select the jurisdiction and report type.
3. Obtain the information about the entity, reporting person, and branch address from your client, and fill in the rest of the fields. You must do it only once per regulation, as all the information will be saved for further reports.
4. Navigate to the Cases page, select a case, and click Generate Report at the upper right corner of the screen. If you do not have any cases, you can create one by applying rules or selecting transactions manually, as described in this article.
5. Ensure the jurisdiction, the type of the report, and the submission date are correct, and click Generate report again. You can indicate multiple jurisdictions if you operate with different report types. The resulting file will be automatically downloaded to your computer.
6. Deliver reports to the regulator by uploading them via the regulatory portal. All reports related to the case are saved and available in the Generated Reports section of the case.They are structured in accordance with FIU’s requirements.

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Note

You can enable automated generation of the reports when setting up a blueprint for managing selected cases.

Streamline your reporting

You can use Sumsub reporting options for the following purposes:

• Create custom queues for multi-approval.
• Ensure monitoring efficiency by analyzing reports by type, country, false-positive ratio, and so on.