Tweet FinCEN released its final rule regarding the confidentiality of suspicious activity reports and has determined that financial institutions must keep quiet about investigations of suspicious account activity, even when transactional reports are not required to be filed, the U.S. Treasury Department said Tuesday. The final rule, which takes effect in December, requires compliance departments […]
Tweet FinCEN has released its latest SAR Activity Review, a compilation of suspicious activity reports (called suspicious transaction reports in Canada) filed by depository institutions, money services businesses, casinos and card clubs and segments of the securities industry and insurance industry. In 2009, the number of SARs filed dropped in all segments except the casinos […]
Tweet The U.S. Financial Crimes Enforcement Network (FinCEN), has published proposed regulations that would require banks and money services businesses to report cross-border electronic transfers of funds (called CBETFs). Banks would have to report all CBETFs of any amount to FinCEN within five days. Money services businesses would be required to report amounts of US$1,000 […]