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Banks no longer have to submit a suspiciousactivityreport (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SARprocedures and submit a report only if there is questionable behavior.
In February 2018, FinCEN collaborated with the Office of the Comptroller of the Currency (OCC) and the U.S. Bank $185 million for numerous offenses, including “willfully violating” BSA mandates for having an anti-money laundering (AML) procedure. The bank had also neglected to submit suspiciousactivityreports (SARs) on time.
He noted three ways AI systems improve on traditional AML solutions: More effective than rules-based systems: “As regulations become ever more demanding, the rules-based systems grow more and more complex with hundreds of rules driving know your customer (KYC) activity and SuspiciousActivityReport (SAR) filing.
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