Accuity Launches SARs Solution to Streamline AML Compliance Efforts
Accuity has added the Suspicious Activity Reporting Control (SARC) system to its suite of compliance solutions, in an effort to enable financial institutions to more effectively manage the filing of suspicious activity reports (SARs). The SARC system is an automated batch submission solution that allows financial institutions to enter their SARs into a centralised database and, from there, upload them to the Bank Secrecy Act (BSA) e-filing system using the government-approved format. The system then retains the SAR forms for easy retrieval during audits or internal periodic reviews. It includes a built-in reminder function that alerts users when filing and/or re-filing should occur. Finally, to reduce reporting errors, all SAR forms created by the SARC system go through an automated editing process before they are filed. The system works either as a stand-alone product or in conjunction with the company’s Currency Reporting Control (CRC) system.