Alert August 19, 2008

SEC Staff Posts On-Line Mutual Fund AML Reference and Launches SAR Phone Line

The SEC staff added an online reference to its website designed to assist mutual fund anti-money laundering (“AML”) compliance efforts, and launched a new centralized phone line specifically for securities firms to report the filing of a Suspicious Activity Report (“SAR”) that may require immediate attention by the SEC.  The AML Source Tool for Mutual Funds, originally developed for use by examiners in the SEC’s Office of Compliance Inspections and Examinations, provides links to key AML laws, rules and related guidance.  The new SEC SAR Alert Message Line (202-551-SARS (7277)) is designed for situations where a securities firm has filed a SAR that may require immediate attention by the Commission.  The SEC press release announcing the SAR Alert Message Line cautions that calling the Message Line does not affect a firm's obligation to file a SAR or notify an appropriate law enforcement authority, such as a local office of either the Internal Revenue Service Criminal Investigation Division or the FBI.