A changing AML info-sharing landscape creates new risks
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
Browsing: Suspicious Activity Reports
FBI Fin Crimes Chief Calls for Dialogue with Regulators on SAR Objectives
Speaking at an industry event today, Aaron Tapp, section chief for the Federal Bureau of Investigation’s financial crimes section, told financial crimes professionals that it “might be time to have a conversation” between regulators and law enforcement to discuss how financial institutions can best provide actionable information to law enforcement while meeting their regulatory obligations.
OCC Finalizes Rule Allowing Exemptions from SAR Requirements
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the OCC finalized a rule that would allow the agency to issue exemptions from Suspicious Activity Report requirements in certain circumstances.
FinCEN Observes Increase in Wildlife Trafficking SARs
Suspicious activity reports related to wildlife trafficking—which includes the illicit trade of protected animals, animal parts and derivatives thereof in violation of international or domestic law, and associated money laundering activity—“trended significantly up” between 2018 and 2020, and are expected to increase even more in 2021, FinCEN said in a new threat analysis released today.
FinCEN Issues Advisory on Economic Impact Payment Fraud
The Financial Crimes Enforcement Network today issued an advisory alerting banks to economic impact payment fraud. The advisory describes EIP fraud, associated red flags and how to report suspicious activity.
ABA Urges Interagency Coordination on SAR Exemption Rules
The American Bankers Association wrote to the federal banking agencies today urging them to pursue a single interagency rulemaking instead of finalizing separate regulations regarding Suspicious Activity Report exemptions.
Federal Banking Agencies Issue FAQs on Suspicious Activity Reporting
The federal banking agencies on Tuesday issued a set of frequently asked questions providing clarity about suspicious activity reporting and other anti-money laundering issues.
Who Makes the Final Decision about Filing a SAR?
. . . and other questions in ABA’s Regulatory Policy and Compliance Inbox.
FDIC Issues Proposal to Allow Exemptions from SAR Requirements
To help banks develop more efficient and effective Bank Secrecy Act compliance programs, the FDIC today issued a proposal that would allow the agency to issue exemptions from Suspicious Activity Report requirements, in conjunction with the Financial Crimes Enforcement Network.
FBI Director: Cyber Criminals Targeting Banks’ Third Parties
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.