Banks filing more SARs amid pandemic; is this the right approach?
By 
Martin Woods2021-03-01T14:09:00
An increase in the submission of suspicious activity reports for cash values that fall under the mandatory $10,000 transaction reporting threshold last year is a proactive step by banks, but more can always be done, writes Martin Woods.
Related articles
-
ArticleICA roundtable: Five tips for filing more effective SARs
A recent roundtable explored the anxieties compliance officers face in filing suspicious activity reports and offered advice for overcoming such difficulties.
-
ArticleSEC fines broker-dealer $1.5M for SARs filing failures
GWFS Equities will pay $1.5 million as part of a settlement with the SEC for lapses in the filing of suspicious activity reports related to the threat of cyber-breaches.
-
ArticleWe’ve been failing at AML efforts, but new U.S. rules offer hope
If we fail to improve our collective AML efforts, specialized law firms will offer an inviting incentive to those who blow the whistle on our continued failings, writes Martin Woods.
More from Opinion
-
OpinionEvidentiary Debt: The blind spot liability
On a gray Tuesday morning, the audit seemed routine. A stack of binders sat on the table, the compliance officer was confident, and the regulator’s tone was cordial. Then came the question that changed everything.
-
OpinionKristy Grant-Hart: Why I Chose to Be a Compliance and Ethics Officer
When people ask me why I chose to be a compliance and ethics officer, my answer is simple: because what we do changes the world.
-
OpinionCarrie Penman: Putting the “E” back in ethics and compliance
When I first stepped into this profession, my title was not “Chief Compliance Officer.” It was “Ethics Officer.” At Westinghouse, I was tasked with launching a program that, at the time, felt experimental: a global, enterprise-wide ethics initiative built not on rules, but on values. I traded in my career ...