SAR
What Does SAR Mean?
SAR means "Saudi Riyal," "Search and Rescue," and "Suspicious Activity Report." Here is some more information on each of these definitions of SAR. Here is more information about each of these definitions of SAR.Saudi Riyal
In the context of currencies, SAR is the International Organization for Standardization (ISO) code for the Saudi Riyal, the official currency of Saudi Arabia.The SAR is issued and regulated by the Saudi Arabian Monetary Authority. It is divided into 100 smaller units called halalas. Since 1986, the riyal has been officially pegged to the International Monetary Fund's (IMF) "Special Drawing Rights," making it a stable currency in the region.
Search and Rescue
SAR is widely recognized as an abbreviation of "Search and Rescue." It refers to operations carried out to find and aid individuals in distress or imminent danger, usually in wilderness, marine or disaster settings.SAR teams consist of highly trained personnel, using specialized equipment and methods. The SAR operation involves several stages: initial detection, thorough analysis, meticulous planning, dispatch of resources, and finally the rescue or recovery.
Different countries have specific organizations responsible for SAR, such as the Coast Guard in the US, or volunteer organizations like Mountain Rescue in the UK. The main objective is to save lives and reduce harm in challenging and often high-risk situations.
Suspicious Activity Report
In banking and finance, SAR means "Suspicious Activity Report." In this context, a SAR is a document that financial institutions must file when they identify a suspected case of money laundering or fraud.The purpose of the SAR is to report suspicious activity that might signify financial crime, such as money laundering or terrorist financing. This could include unusual transactions, transactions involving large amounts of cash, or activity that seems to be designed to evade regulatory requirements.
The filing of a SAR is a legal requirement under the Bank Secrecy Act in the United States, but similar requirements exist in many other jurisdictions as well. It's part of a broader set of anti-money laundering (AML) and countering the financing of terrorism (CFT) procedures that financial institutions are required to implement.
SARs are confidential, to protect both the institutions and individuals involved, and it's generally illegal for a bank to inform a customer that a SAR has been filed about their activity. This information is used by law enforcement and regulatory agencies to detect, investigate, and prosecute financial crimes.
In addition to banks, other types of financial institutions such as credit unions, securities brokers, money service businesses, casinos, and even insurance companies are typically required to file SARs.
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When I write SAR, I mean this:
SAR is classified as an acronym because it is spoken like a word.
Summary of Key Points for the First Definition
"Saudi Riyal" is the most common definition for SAR on Snapchat, WhatsApp, Facebook, Twitter, Instagram, and TikTok.SAR | |
---|---|
Definition: | Saudi Riyal |
Type: | Abbreviation |
Guessability: | 4: Difficult to guess |
Typical Users: | Adults and Teenagers |
Summary of Key Points for the Second Definition
"Search and Rescue" is another common definition for SAR.SAR | |
---|---|
Definition: | Search and Rescue |
Type: | Abbreviation |
Guessability: | 3: Guessable |
Typical Users: | Adults and Teenagers |
Summary of Key Points for the Third Definition
"Suspicious Activity Report" is yet another common definition for SAR.SAR | |
---|---|
Definition: | Suspicious Activity Report |
Type: | Abbreviation |
Guessability: | 5: Extremely difficult to guess |
Typical Users: | Specialists |
An Academic Look at SAR
Whether used with the meaning "Saudi Riyal," "Search and Rescue," or "Suspicious Activity Report," SAR can be considered an acronym, because it is formed by taking the initial letters of each of the words and pronouncing them together as a single word, "sar." Other examples of acronyms are:- NASA ("National Aeronautics and Space Administration.")
- UNICEF ("United Nations International Children's Emergency Fund.")
Example of SAR Used in a Text
SAR
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See Also
List of Cryptocurrency Terms CDD (customer due diligence) CRYPTOCURRENCY (digital or virtual currency) EDD (enhanced due diligence, estimated delivery date) FTSE (financial times and stock exchange) GFC (global financial crisis) FIU (financial intelligence unit) PEP (politically exposed person) REKT (financially ruined (cryptocurrency term)) WOTAM (waste of time and money)Quiz
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