FinCEN, SEC Officials Request Detailed SAR Reports as New Form Deadline Approaches

NEW YORK—Financial firms subject to Treasury Department suspicious activity reporting regulations should strive to exceed minimum compliance requirements and provide detail and context to such reporting, Treasury and Securities and Exchange Commission officials, and others, said Feb. 27 at a Securities Industry and Financial Markets Association anti-money laundering conference.

Securities firms, in addition to banking entities, are required to file suspicious activity reports (SARs) and make other filings with their regulators. And while banks file more SARs by far than securities firms on a yearly basis, the number of reports filed by securities firms is gradually increasing, Financial Crimes Enforcement ...