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Kristie Cattafi
Kristie Cattafi
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Accuity Releases Suspicious Activity Reporting Control System

Accuity, a provider of payment routing data, AML screening software and services, has added the Suspicious Activity Reporting Control (SARC) System to its suite of compliance solutions, enabling financial institutions to 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 then upload them to the Bank Secrecy Act (BSA) E-Filing System using the government-approved format. The system then retains the SAR forms for retrieval during audits or internal periodic reviews. A built-in reminder function alerts users as to when filing or re-filing should occur. To further reduce reporting errors, all SAR forms created within the SARC System undergo an 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 help provide an integrated platform for anti-money laundering processes.

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