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Safe Harbor Federal law (31 U.S.C. 5318(g)(3)) i. Involves funds derived from illegal activity or ii. A violation otherwise required to be
provides complete protection from civil liability is intended or conducted in order to hide or disguise reported on a SAR-SF: (a) of any of the federal
for all reports of suspicious transactions made to funds or assets derived from illegal activity securities laws or rules of an SRO by the BD or
appropriate authorities, including supporting docu- (including, without limitation, the ownership, any of its officers, directors, employees or other
mentation, regardless of whether such reports are nature, source, location, or control of such funds registered representatives, other than a violation
filed pursuant to this report’s instructions or are or assets) as part of a plan to violate or evade any of 17 CFR 240.17a-8 or 17 CFR 405.4, so long as
filed on a voluntary basis. Specifically, the law pro- federal law or regulation or to avoid any transaction such violation is appropriately reported to the SEC
vides that a financial institution, and its directors, reporting requirement under federal law or or an SRO; or (b) under the CEA (7 U.S.C. 1 et
officers, employees, and agents, that make a dis- regulation; seq.), the regulations of the CFTC (17 CFR Chpt.1),
closure of any possible violation of law or regula- or the rules of any RFA or RE as those terms are
tion, including in connection with the preparation ii. Is designed, whether through structuring or defined in the CEA, 7 U.S.C. 21 and 7 U.S.C. 1a(29),
of suspicious activity reports, “shall not be liable to other means, to evade any requirements of 31 by the FCM or IB-C or any of its officers, directors,
any person under any law or regulation of the CFR 103 or of any other regulations promulgated employees or associated persons, other than a
United States, any constitution, law, or regulation under the Bank Secrecy Act, Pub. L. 91-508, as violation of 17 CFR 42.2 as long as such violation
of any State or political subdivision of any State, or amended, codified at 12 U.S.C. 1829b, 12 U.S.C. is appropriately reported to the CFTC or a RFA or
under any contract or other legally enforceable 1951-1959, and 31 U.S.C. 5311 - 5314, 5316 - RE.
agreement (including any arbitration agreement), 5332;
for such disclosure or for any failure to provide 6.The Bank Secrecy Act requires financial institu-
notice of such disclosure to the person who is the tions to file currency transaction reports (CTRs) in
iii. Has no business or apparent lawful purpose
subject of such disclosure or any other person iden- accordance with the Department of the Treasury’s
or is not the sort in which the particular customer
tified in the disclosure.” implementing regulations (31 CFR Part 103). These
would normally be expected to engage, and the
regulations require a financial institution to file a
BD, FCM or IB-C knows of no reasonable
Notification Prohibited Federal law (31 U.S.C. CTR whenever a currency transaction exceeds
explanation for the transaction after examining the
5318(g)(2)) provides that a financial institution, and $10,000. If a currency transaction exceeds $10,000
available facts, including the background and
its directors, officers, employees, and agents who, and is suspicious, the institution must file both a
possible purpose of the transaction; or CTR (reporting the currency transaction) and a sus-
voluntarily or by means of a suspicious activity re-
port, report suspicious transactions to the govern- picious activity report (reporting the suspicious as-
iv. Involves use of the BD, FCM or IB-C to pects of the transaction). If a currency transaction is
ment, may not notify any person involved in the
facilitate criminal activity. $10,000 or less and is suspicious, the institution
transaction that the transaction has been reported.
should only file a suspicious activity report. Appro-
3. The obligation to identify and properly and priate records must be maintained in each case.
In situations involving violations that require
timely report a suspicious transaction rests with
immediate attention, such as terrorist financ-
each BD, FCM, and IB-C involved in the transaction, See: 31 CFR Part 103; 17 CFR 240.17a-8; 17 CFR
ing or ongoing money laundering schemes, the
provided that no more than one report is required 405.4; 17 CFR 42.2
financial institution shall immediately notify by
to be filed by any of the BDs, FCMs, or IB-Cs
telephone an appropriate law enforcement au-
involved in a particular transaction (so long as the
thority in addition to filing a timely suspicious
report filed contains all relevant facts).
activity report.
4. A SAR-SF shall be filed no later than 30 calendar
When to file a report days after the date of the initial detection by the
reporting BD, FCM, or IB-C of facts that may General Instructions
constitute a basis for filing a SAR-SF. If no suspect is A. Abbreviations and Definitions
1. Every broker or dealer in securities (BD), futures
identified on the date of such initial detection, a
commission merchant (FCM), and introducing 1. AKA-- also known as (individual)
BD, FCM, or IB-C may delay filing a SAR-SF for an
broker in commodities (IB-C) within the United 2. ASE-- American Stock Exchange
additional 30 calendar days to identify a suspect,
States shall file with FinCEN, to the extent and in 3. BD-- Broker or Dealer in Securities
but in no case shall reporting be delayed more
the manner required by 31 CFR 103.19 and 4. CBOE-- Chicago Board Options Exchange
than 60 calendar days after the date of such initial
103.17, a report of any suspicious transaction 5. CBOT-- Chicago Board of Trade
detection. In situations involving violations that
relevant to a possible violation of law or regulation. 6. CME-- Chicago Mercantile Exchange
require immediate attention, such as terrorist
A BD, FCM or IB-C may also file with FinCEN a 7. CPO-- Commodity Pool Operator
financing or ongoing money laundering schemes,
report of any suspicious transaction that it believes 8. CRD-- Central Registration Depository
the BD, FCM, or IB-C shall immediately notify by
is relevant to the possible violation of any law or 9. CFTC-- Commodity Futures Trading
telephone an appropriate law enforcement
regulation but whose reporting is not required by Commission
authority in addition to filing timely a SAR-SF. BDs,
31 CFR 103.19 or 103.17. A voluntary filing does 10. CTA-- Commodity Trading Advisor
FCMs, or IB-Cs wishing voluntarily to report
not relieve a BD, FCM or IB-C from the 11. CUSIP®-- Committee on Uniform Securities
suspicious transactions that may relate to terrorist
responsibility of complying with any other reporting ID Procedures
activity may call FinCEN’s Financial Institutions
requirements imposed by the Securities and 12. DEA-- Drug Enforcement Administration
Hotline at 1-866-556-3974 in addition to filing
Exchange Commission (SEC), the Commodity 13. DBA-- doing business as (entity)
timely a SAR-SF. The BD, FCM, or IB-C may also,
Futures Trading Commission (CFTC), a self- 14. EIN-- Employer Identification Number
but is not required to, contact the SEC or the CFTC
regulatory organization (“SRO”) (as defined in 15. EUREX-- European Exchange
section 3(a)(26) of the Securities Exchange Act of to report in such situations.
16. FBI-- Federal Bureau of Investigation
1934, 15 U.S.C. 78c (a)(26)), or any registered 17. FCM-- Futures Commission Merchant
futures association (RFA) or registered entity (RE) 5. Exceptions. A BD, FCM, or IB-C is not 18. IA-- Investment Adviser
as these terms are defined in the Commodity required to file a SAR-SF to report: 19. IB-C-- Introducing Broker-Commodities
Exchange Act (CEA) 7 U.S.C. 21 and 7 U.S.C. 1a(29). 20. ICE-- Immigration & Customs Enforc.
i. A robbery or burglary committed or attempted 21. IRS-- Internal Revenue Service
2. A transaction requires reporting if it is conducted that is reported to appropriate law enforcement 22. ITIN-- Individual taxpayer ID number
or attempted by, at, or through a BD, FCM or IB-C, authorities, or for lost, missing, counterfeit, or 23. ISID®-- International Securities ID
it involves or aggregates funds or other assets of at stolen securities with respect to which the BD Directory
least $5,000, and the BD, FCM, or IB-C knows, files a report pursuant to the reporting 24. KCBOT Kansas City Board of Trade
suspects, or has reason to suspect that the requirements of 17 CFR 240.17f-1; 25. LIFFE-- London International Financial
transaction (or a pattern of transactions of which Futures Exchange
the transaction is a part):