SEC Taking Deeper Look at SAR Data Following FinCEN Upgrade

By Brian Orsak and Brian Monroe

The U.S. Securities and Exchange Commission is taking a deeper look at suspicious activity reports following an overhaul of the federal database of Bank Secrecy Act regulatory filings, according to an agency official. Rather than solely trying to identify singular instances of possible money laundering described in the suspicious activity reports (SARs) filed by broker-dealers, the SEC has launched an effort to broadly analyze information included in the filings, SEC Attorney Eric Kringel told attendees of SIFMA's 14th Annual Anti-Money Laundering and Financial Crimes Conference in New York Thursday. "We're starting to try to take a look at the collection...