Regulatory Alerts2002-07-01
Added
Requirement that Brokers or Dealers in Securities Report Suspicious Transactions
The Financial Crimes Enforcement Network amends Bank Secrecy Act regulations to require all brokers or dealers in securities to report suspicious transactions to the Department of the Treasury. The final rule establishes a uniform reporting threshold of $5,000 for all categories of reportable activity, including known or suspected federal criminal violations and transactions involving illegally derived funds. The regulation applies to all broker-dealers regardless of whether they are affiliates or subsidiaries of banks, with an effective date of July 31, 2002, and an applicability date of December 30, 2002.
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