10/16/2006 FinCEN Director Notes High Correlation of Terrorism-Related SARs to FBI Investigations
Speaking at a money laundering enforcement conference presented by the American Bankers and American Bar Associations on October 9, FinCEN Director Robert Werner noted that defensive filing was turning out to be less of a problem than had been expected. The Director said that even after high profile enforcement actions were taken, FinCEN was finding that the reports in the resultant spike in SAR filings still tended to be of high quality. The Director said that the FBI recently reviewed SARs coded as suspected terrorist financing and matched those SARs against active investigation case files. It found that 20% of terrorism-related SARs contained subjects of open FBI terrorism investigations. The Director called this “incredibly impressive given the difficulty of detecting terrorist financing activity.” FinCEN is studying whether institutions regularly filing SARs that correlate with FBI targets have common aspects in their AML programs. In sharing BSA data with law enforcement, the Director also touted the IRS-developed WebCBRS for providing user-friendly and intuitive access to the data.
USA PATRIOT ACT MONITOR is published by Civic Research Institute, Inc., 4478 U.S. Route 27, P.O. Box 585, Kingston, NJ 08528, 609-683-4450, email@example.com, as an update service for Money Laundering, Terrorism and Financial Institutions: Law · Regulation · Compliance · USA PATRIOT Act Monitor © 2004 Civic Research Institute, Inc. All rights reserved. Unauthorized copying expressly prohibited. The information in this publication is not intended to replace the services of a trained legal professional. Neither the editors, nor the contributors, nor Civic Research Institute, Inc. are by this publication engaged in rendering legal, accounting, or other professional services. The editors, contributors, and Civic Research Institute, Inc., specifically disclaim any liability, loss, or risk, personal or otherwise, which is incurred as a consequence, directly or indirectly, of the use or application of the contents of this publication.
<< News Releases Main Page