A SAR report must be retained for how many years from the date of filing?

A Suspicious Activity Report (SAR) must be retained for five years from the date of filing as mandated by the Financial Crimes Enforcement Network (FinCEN). This requirement is in place because SARs are critical in the prevention and detection of money laundering, fraud, and other financial crimes. Retaining these reports for five years ensures that they are available for review by regulators and law enforcement agencies if needed. This duration reflects the need for thorough documentation in case of future investigations where historical data could be relevant.

The options provided represent various time frames, but the five-year retention period aligns with federal regulations, emphasizing the importance of maintaining this financial documentation for adequate time to comply with legal and regulatory obligations.