Accuity, a provider of payment routing data, AML screening software and services has added the Suspicious Activity Reporting Control (SARC) System to its portfolio of compliance solutions. The addition of SARC will enable financial institutions to more effectively manage their 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 upload them to the Bank Secrecy Act (BSA) E-Filing System with a government-approved format. The system stores the SAR forms so they can be easily retrieved during audits or internal periodic reviews. The system also has a built-in reminder function that lets users know when filing and re-filing occurs. To reduce any reporting errors, all SAR forms created by the system are sent through a strict and automated editing process prior to filing.
Customers can use the SARC System as a standalone product or with Accuity's Currency Reporting Control (CRC) System to create an integrated platform for anti-money laundering processes.
The SARC system should be well-received in the marketplace as financial institutions are very focused on solutions that enable them to remain compliant and control costs in the process. SARC is designed to accomplish both, as well as make customers more efficient with such processes. Allowing the flexibility to enable customers to either use the new system alone or with CRC should definitely help with adoption of this new offering. Many customers may want to try it out on its own first. But knowing they can integrate it into another Accuity product to create a stronger solution platform will probably be intriguing as well, an eventually lead to an even more robust adoption of the system overall.