FinCEN rules under Bank Secrecy Act regulations require all broker-dealers to make SARs and supporting documentation available to any SRO that examines such broker-dealers for compliance with 31 CFR 1023.320 (the SAR Rule) - upon request by the SEC or the respective SRO.  This obligation. This obligation, which became effective on 1/26/2012, and was reported on that date by the SEC OCIE Director in letters to SROs and registered broker-dealers (see C-I 1/26 Rule News post).  That SEC letter also advised FINRA member firms that they're obligated to make make available to FINRA any information that would reveal the existence of an SAR or any decision to not file an SAR. Such requests may be made in connection with a FINRA exam, investigation or risk assessment.

[C-I Take Away. It's recommended that firms update their WSPs today for this new requirement - if postponed, it may never get done.]

FINRA Staff Contact. Direct questions to:  Sarah Green, Senior Director, Enforcement - (202) 974-2784. For further details:  [RegNote 12-08, February 2012].