SEC-PR-2412-208 (Dec. 20, 2024) (SEC-PR-2412) Deutsche Bank Subsidiary to Pay $4 Million for Untimely Filing Certain Suspicious Activity Reports Excerpt: Washington D.C., Dec. 20, 2024 — The Securities and Exchange Commission today charged registered broker-dealer Deutsche Bank Securities Inc., a subsidiary of Deutsche Bank AG, for failing to file certain Suspicious Activity Reports (SARs) in […]
Category: Suspicious Activity Reports (SARS)
Suspicious Activity Reports (SARs) are crucial documents that financial institutions
are required to file when they detect known or suspected violations of law or suspicious activities, such as potential fraud or money laundering. These reports serve as a tool for law enforcement and regulatory agencies to identify and investigate illicit activities. Financial institutions must submit a SAR no later than 30 calendar days after the initial detection of suspicious facts, ensuring timely reporting to help combat financial crimes and protect the integrity of the financial system.
SEC-PR-2024-185 (11-22-24) (SEC-PR-2411) SEC Charges Three Broker-Dealers with Filing Deficient Suspicious Activity Reports – Firms receive credit for cooperating with SEC’s investigations Excerpt: Washington D.C., Nov. 22, 2024 — The Securities and Exchange Commission today announced that broker-dealers Webull Financial LLC, Lightspeed Financial Services Group LLC, and Paulson Investment Company, LLC have agreed to settle charges […]