After FinCEN leak, banks want more help from regulators
OpRisk Europe: Suspicious activity reports are going into a “black hole”, banks complain
Banks are asking regulators to share more of the information they glean from suspicious activity reports (SARs), to aid them in the fight against money laundering and other financial crimes.
SARs are filed with regulators and law enforcement agencies whenever unusual transactions are detected. Compliance officers at banks say they receive little feedback on these reports, despite filing thousands every year.
“I think at the moment there is definitely a view that it’s a bit of a black hole, and
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