FinCEN Chief: ‘Unusual Number’ of Credit Unions Not Filing SARs, CTRs

Many credit unions have not filed any Bank Secrecy Act-mandated Suspicious Activity Reports or Currency Transaction Reports for the past two years, Financial Crimes Enforcement Network Director Jennifer Shasky Calvery told a credit union group yesterday.

“Some early research we are looking at suggests that we have a surprisingly larger … statistically relevant and unusual number of credit unions that over a seven quarter period filed neither a SAR or CTR,” she said at a government relations event sponsored by the National Association of Federal Credit Unions. “There could be problems with the data,” she added, but called the number of non-reporters “surprising.”