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...
U.S. investigators are increasingly querying the nation's database of bank secrecy information for suspicious activity reports that include mentions of unusual Internet Protocol addresses, a federal official recently told bankers.
A majority of the brokers examined by the U.S. Securities and Exchange Commission (SEC) as part of an inquiry into the sale of low-priced stocks were found to have serious compliance deficiencies, the agency said Thursday.
American lawmakers should increase the annual budget of the U.S. Securities and Exchange Commission in an effort to better police the nation's growing pool of investment firms, an official said Tuesday.
Changes to how and how often securities firms report suspicious activity are helping to clarify the scope of a long-familiar financial crime: microcap fraud.
Nearly 60 percent of the suspicious activity reports filed in fiscal 2006 had missing, incorrect or incomplete data in fields critical to law enforcement agencies, according to a federal watchdog report.
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