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 Accuityâs Currency Reporting ControlÂ® (CRC) System to provide an integrated platform for any anti-money laundering processes. âWith 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,â said Hugh Jones, President of Accuity. âThe SARC System allows these organizations to do just that by streamlining their AML-related compliance processes â eliminating much of the manual work involved and saving time and money.â