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A financial institution is required to file a Suspicious Activity Report (SAR) within a specific timeframe after identifying suspicious activity. The correct duration for this filing is 30 calendar days from the date the suspicious activity is detected. This timeframe is established to ensure that financial institutions take prompt action in reporting potential money laundering or fraud activities to the relevant authorities.

Adhering to this 30-day rule is crucial for supporting law enforcement investigations and maintaining compliance with regulations set forth by authorities. The filing may be extended for an additional 30 days if the institution requires more time for investigation. Understanding this timeline is essential for anyone in the loan officer or financial services industry to ensure they meet regulatory requirements and help prevent illicit activity efficiently.