What is an acceptable time frame for reporting suspicious activity?

The correct time frame for reporting suspicious activity is within 30 days of detection. This standard is typically set by regulations to ensure timely reporting while allowing for a reasonable period for the investigation of the suspicious activity. Reporting within this time frame helps maintain an effective compliance environment and supports the authorities in investigating and mitigating potential risks associated with suspicious activities.

While immediate reporting may seem like a proactive approach, it may not always be practical, as there might be a need for preliminary assessments before formal reporting can take place. Similarly, while reporting within 60 days may seem timely, it does not align with the urgency required for addressing potential threats effectively. Compliance protocols emphasize the importance of swift action, and a 30-day window strikes a balance between immediacy and the necessity for thorough investigation.