PYMNTS

DECEMBER 3, 2019

Banks no longer have to submit a suspicious activity report (SAR) just because a business is growing or cultivating hemp. Financial institutions should follow standard SAR procedures and submit a report only if there is questionable behavior.

Suspicious Activity Report (SAR) 55

Suspicious Activity Report (SAR) BSA Rules Office of the Comptroller of the Currency 55

PYMNTS

MARCH 4, 2020

Bank had in place erroneously capped the number of alerts, which hindered law enforcement’s ability to spot suspicious activity. LaFontaine was warned by his subordinates and by regulators that capping the number of alerts was dangerous and ill-advised. The OCC also warned U.S. Department of Justice (DOJ) to penalize U.S.

AML 52

AML Suspicious Activity Report (SAR) Fincen BSA 52

The Fintech Times

AUGUST 17, 2024

The bank was ordered to pay the fine to resolve investigations by The Office of the Comptroller of the Currency (OCC), an independent bureau of the US Department of the Treasury. This includes know your customer (KYC), sanctions, suspicious activity reports (SARs), and transaction monitoring violations.

APACS 59

APACS Suspicious Activity Report (SAR) Office of the Comptroller of the Currency Financial Crimes 59

PYMNTS

SEPTEMBER 21, 2020

Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) show that several of the largest global banks moved money on behalf of scores of individuals and enterprises involved in criminal financial activity. Banks, it should be noted, have paid hefty fines for past violations and for issues tied to controls and reporting.

Fincen 139

Fincen AML Suspicious Activity Report (SAR) Financial Crimes 139

FICO

DECEMBER 19, 2018

I believe this will slip a few months but by June 2019 the proposed regulations will finally be available for public review and comment. Bank Secrecy Act/anti-money laundering (BSA/AML) regulatory reforms are top of mind for regulators and legislators. AML/BSA Reform Talks Will Intensify but Meaningful Changes Will Have to Wait.

BSA 40

BSA Fincen Suspicious Activity Report (SAR) SARS 40