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SEC Reinstates Finra’s Access to SARs
By Brian Monroe
printThe chief self-regulatory organization examining broker-dealers for anti-money laundering compliance is again allowed to have direct access to suspicious activity reports, the U.S. Securities and Exchange Commission confirmed Thursday. In a letter, the federal agency said that examiners from the Washington, D.C.-based Financial Industry Regulatory Authority (Finra) have permission to review the reports, known as SARs. The clarification follows a December 2010 final rule by the Financial Crimes Enforcement Network (FinCEN) that barred self-regulatory organizations from accessing SARs without permission from the federal agencies that they work with. Since the rule went into effect in January 2011, Finra officials have...
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