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OK you guys-it's time we talk about Suspicious Activity Reporting, and Anti-Money Laundering (AML) in general.
Because we are DEFINITELY going to be hearing a lot more about this. law.cornell.edu/cfr/text/12/21…
Because we are DEFINITELY going to be hearing a lot more about this. law.cornell.edu/cfr/text/12/21…
Financial Institutions are required to report suspicious activities to FinCEN.
The onus of reporting is ON THE BANKS.
The onus of reporting is ON THE BANKS.
I repeat: It's the Financial Institution's responsibility to file the report.
Sometimes, the banks are corrupt, or inept, and SAR's don't get filed properly. They DO get in trouble for this, IF they get caught.
For example:
complianceweek.com/blogs/enforcem…
Sometimes, the banks are corrupt, or inept, and SAR's don't get filed properly. They DO get in trouble for this, IF they get caught.
For example:
complianceweek.com/blogs/enforcem…
