Accuity, the leading provider of payment routing data, AML screening software and services, today added the Suspicious Activity Reporting Control (SARC) System to its extensive suite of compliance solutions, enabling 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 centralized 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 worry-free 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 a rigorous and automated editing process before they are filed.
The SARC System works either as a stand-alone product or in conjunction with Accuity’s Currency Reporting Control® (CRC) System to provide an integrated platform for any anti-money laundering processes. “With the ongoing challenges of anti-money laundering best practices and the hefty fines being assessed for those organizations falling out of compliance, we wanted to develop a solution that would help financial institutions of all sizes effectively and efficiently manage their reporting processes,” said Hugh Jones, President of Accuity. “The SARC System allows these organizations to do just that by streamlining their AML-related compliance processes – eliminating much of the manual work involved and saving time and money.”
Accuity, a leading global provider of financial crime screening, payments, and know your customer (KYC) solutions, and part of RELX, announced today t...View article
Air cargo carrier signs multi-year deal with Accuity to optimise its sanctions compliance and export control programs. Emirates SkyCargo, the freight ...View article
Accuity survey reveals firms that embrace better risk management practices are protecting their reputation and increasing competitive advantage •...View article