SIA Submits Comments to FinCEN on a Requirement of Brokers and Dealers to Report Suspicious Transactions
Published on:
January 1, 2001
The Securities Industry Association (SIA)* provides comments to the Financial Crimes Enforcement Network (FinCEN) of the U.S.Department of the Treasury on a proposed amendment to the Bank Secrecy Act regulations which would require brokers and dealers in securities to report suspicious transactions, under section 356 of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001. SIA supports the proposal and offers recommended modifications that will enhance the effectiveness of suspicious activity reporting for broker-dealers.
*SIFMA is the product of a merger between the Securities Industry Association (SIA) and The Bond Market Association (TBMA) in 2006.