The Suspicious Activity Report Case
The core function of the Suspicious Activity Report (SAR) Case is to facilitate completion of the process of generating, approving, and filing an SAR to the local regulator. The SAR Process will vary greatly between organizations and across jurisdictions in complexity and number of roles involved. The Case includes the core components of SAR file generation infrastructure, and a Money Laundering Reporting Officer (MLRO) Approval process.
The Case contains the following Stages and Steps:
- Initiate
- Review SAR
- Generate SAR
- MLRO approval
- File SAR
Initiate
The Initiate Stage is a technical requirement to support the Case life cycle and is not actually functional.
Review SAR
When the MLRO requests an update to the SAR narrative, a member of the Financial Institution's SAR filing committee can make these changes.
Generate SAR
Every SAR must follow a specific format to be accepted by the local regulator when filed. In this Step, an XML file is automatically generated in the GoAML format using data from the Investigation Case. The underlying infrastructure of the data mapping and file format can be extended to other formats.
GoAML is a United Nations Office of Drugs and Crime standard, which is actively used by 65 countries for filing to local regulators.
MLRO approval
This Step presents the MLRO with all the key investigation information in a single View, to enable them to accept, reject or request a Case narrative update before proceeding with filing of the Suspicious Activity Report.
File SAR
This Stage is a placeholder for the actual filing of the SAR file to the local regulator. Standard Pega application functionality that can be used to achieve this task includes (but is not limited to), a Call to a service, Secure FTP, or secure email.
This Topic is available in the following Module:
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