By Aaron Nicodemus2023-04-27T16:22:00
What does the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) do with the millions of suspicious activity reports (SARs) it receives every year? If you work at a financial institution, you’ve likely wondered whether these SARs are ever even read, no less acted upon.
The Bank Secrecy Act (BSA) requires approximately 260,000 financial institutions to have policies and procedures in place to identify and report suspicious activity within their transactions. Suspicious activity consists of money laundering, terrorist financing, or financing of weapons of mass destruction (proliferation financing).
In its year in review for fiscal year 2022, published Tuesday, FinCEN laid out the law enforcement investigations derived from the 4.3 million SARs filed in FY2022. The period covered began Oct. 1, 2021, and ended Sept. 30.
2023-08-15T17:36:00Z By Kyle Brasseur
The Financial Crimes Enforcement Network issued a notice to financial institutions regarding its observations of increasing payroll tax evasion and workers’ compensation fraud taking place in the U.S. residential and commercial real estate construction industries.
2023-07-24T16:24:00Z By Jon Prentice, International Compliance Association
Good suspicious activity reports make it easier for financial intelligence units to prioritize and process investigations, enabling better results in the global fight against financial crime.
2023-07-11T17:32:00Z By Kyle Brasseur
Merrill Lynch was assessed penalties totaling $12 million by the Securities and Exchange Commission and Financial Industry Regulatory Authority for allegedly failing to file nearly 1,500 required suspicious activity reports over the course of a decade.
2025-10-08T18:28:00Z By Adrianne Appel
Charlie Javice, a former CEO who duped JPMorgan Chase into purchasing her start up company for $175 million, has been ordered to forfeit more than $22 million by the Department of Justice (DOJ) and to spend 7 years in jail.
2025-10-07T16:08:00Z By Adrianne Appel
Georgia Tech Research Corp. (GTRC) has agreed to pay $875,000 to settle allegations first raised by two compliance officers that its cybersecurity protocols violated acceptable standards for defense contractors, the Department of Justice (DOJ) said.
2025-10-06T17:12:00Z By Adrianne Appel
Tractor Supply Company has agreed to get into compliance with California’s consumer privacy law and to pay a $1.35 million fine—the largest yet by California—to settle allegations it violated the privacy rights of customers and job applicants.
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