So, What Happens to SARs?

With investment advisers encouraged to begin filing suspicious activity reports (SARs) as soon as possible upon the issuance of the final anti-money laundering rule, some have wondered, what exactly happens with the reports after they’ve been filed?

The SEC’s Enforcement Division has an Office of Market Intelligence, which does look at closely at all of the filed reports. Within that group, there’s a Bank Secrecy Act Review Group that really focuses in further.

In a February 2015 speech by Andrew Ceresney, Director of the SEC’s Enforcement Division, he noted that this group reviews the SAR filings within two weeks:

“In the course of a year, this group reviews between 27,000 and 30,000 SARs. If a SAR is filed by a broker-dealer, that group will see it, along with any other SARs filed by any other type of financial institution about any entity, person or transaction within our jurisdiction. On average, the group reviews your SARs within two weeks of filing; researches the allegations; and passes them along to examination and enforcement staff throughout the country as relevant.”

Related Content

Latest Content

Advertising Issues: SEC and GIPS Performance in the Private Fund Space

Over a year ago, OCIE released the Risk Alert, “The Most Frequent Advertising Rule Compliance Issues Identified in OCIE Examinations of Investment Advisers.” While the alert highlighted several areas where performance advertising is involved, our recent CSS/Ascendant conference panelists in a session entitled “Best Practices for SEC and GIPS Performance in the Private Fund Space” … Continued

Placing Ethics and Compliance in the Foreground of Business Decision-Making

Thinking about how to make ethics and compliance part of a business’s decision-making can prove to be challenging. By nature, compliance professionals are often results-oriented, focusing on a binary end-result; either you are in compliance, or you are not. That focus is important, but emphasizing process is also vital, John Walsh, Partner at Eversheds Sutherland … Continued

What Am I Looking At? Making Sense of Your Cyber Testing Reports

It’s no surprise that Compliance and IT do not speak the same language. Compliance staff often speak in terms of regulations and policies, whereas bits and bytes are the language of IT staff. This distinction is clear when it comes to cybersecurity risk management, as the compliance and IT audiences are looking for different takeaways … Continued

It Takes a Village – Preparing for a Regulatory Exam

Advanced planning for a regulatory exam remains a vital step in ensuring the compliance team is prepared when the exam teams comes knocking. At the recent Ascendant/CSS fall conference in San Diego, Allison Fraser moderated the conference’s capstone session on the topic, joined by Bryan Bennett, the Associate Regional Director in the examination program in … Continued

Mailing List

Subscribe to the Ascendant Compliance email list for the latest compliance resources, conferences, ComplianceCasts™, and more.

Loading form...

Contact Us

Ascendant works together with clients to identify and assess critical needs through customized plans. If you need assistance with compliance functions, regulatory services, cybersecurity or technology tools, we’d love to speak with you.