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Original publisher: [Washington, D.C.] : U.S. General Accounting Office, [2001] OCLC Number: (OCoLC)55119023 Subject: Money laundering investigation -- United States. Excerpt: ... Although some broker-dealers are currently subject to the banking SAR rules, SEC officials told us they believed the specific requirements of these rules are generally not appropriate for securities firms. For example, they noted that the low reporting threshold of $ 5, 000 for depository institutions 18 applies to too many otherwise routine securities transactions. SEC officials told us that when Treasury adopts an SAR rule for the SEC Examinations of securities industry, all broker-dealers, including those owned by or Broker-Dealers to Begin affiliated with depository institutions, would be required to file SARs and After Securities Industry subject to compliance examinations. Once Treasury issues an SAR rule SAR Rule Is Issued by specifically applicable to the securities industry, SEC officials said that Treasury these provisions would be incorporated into SEC's rules automatically through rule 17a-8, which by its terms refers to all of the reporting, recordkeeping and record retention requirements under the BSA. At that point, both SEC and the SROs would have authority to examine for and enforce compliance with SAR requirements similar to the authority under the CTR rule. However, the timing of when an SAR rule specifically for the securities industry will be in place is not clear. The Treasury and Justice Departments ' National Money Laundering Strategy for 2000 set out the goal of issuing a proposed securities SAR rule for public comment by the end of 2000. This milestone was not met and, as of February 1, 2001, a new expected issuance date had not yet been established. Moreover, a public comment period as well as the time needed to process such input would precede the final issuance of such a rule. Since the passage of GLBA, banking regulators ceased examinations of Conclusions
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Money laundering: oversight of suspicious activity reporting at bank-affiliated broker-dealers
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