Summary Of Notice And Request For Comments Regarding Suspicious Activity Report By The Securities And Futures Industries, Mutual Funds And Other Investment Companies, Investment Advisors And Certain Insurance Companies-Written Comments Due By October

Mondaq Business Briefing, October, 2002

Article by: Betty Santangelo and Margaret Jacobs

OVERVIEW

On August 5, 2002, the Financial Crimes Enforcement Network ("FinCEN"), a bureau of them Department of the Treasury ("Treasury"), issued a draft form, "Suspicious Activity Report by the Securities and Futures Industry (SAR-SF)."1 The form is designed for use by broker-dealers that are required to file suspicious activity reports with respect to transactions occurring after December 30, 2002,2 pursuant to the SAR Final Rule implementing section 356 of the USA PATRIOT Act of 2001.3

Futures commission merchants ("FCMs") may use the form to report suspicious activity to Treasury on a voluntary basis. The form is also designed for use by mutual funds, other investment companies, investment...