News

A federal ruling against a Salt Lake City-based clearing broker has raised questions over whether the level of detail brokerages typically include in their suspicious activity reports, or SARs, will suffice going forward, sources told ACAMS moneylaundering.com. Like other U.S. financial institutions and securities firms covered by the Bank Secrecy Act, broker dealers must file SARs with narratives explaining why a particular transaction merits an investigation, including by identifying which client was involved, where the transfer of funds or other questionable financial event took place, and when. Those rules were reinforced with more detail in December, when a Manhattan federal...