Series 99 Top-off: Suspicious Activity Reports (SARs)

Taken from our Series 99 Top-off Online Guide

Suspicious Activity Reports (SARs)

A Suspicious Activity Report is a report to the U.S. Treasury on any customer who appears to be avoiding Bank Secrecy Act reporting requirements or is behaving in a way that suggests money laundering or some other illegal activity is occurring. Member firms and their employees are prohibited from disclosing to anyone believed to be involved in the suspicious activity that it has been reported. If the firm receives a subpoena for the information, it must refuse to provide the information unless disclosure is required by FinCEN, the SEC, an SRO such as FINRA, or another law enforcement authority.

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