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• W6312700 abstract "New suspicious-action reporting setup has goods and bads for goods who get the goods on bads On April 1, the U.S. government's five-year effort to transform the reporting system finally became a reality when banks and other depository institutions were required to begin reporting suspicious on the new Suspicious Activity Report form. A new world for filers The new activity reporting system, which replaces the Criminal Referral Form and the system connected with that form, represents a mixed blessing for the 23,000 institutions that it affects. On one hand, it will simplify reporting procedures--eliminating the need to attach supporting documentation to the SAR, offering the opportunity to file SARs magnetically, and reducing the number of government agencies to which the bank must send the new SARs. On the other hand, the new system calls for more judgment on the part of banks and other depositories which, for the first time, must make a subjective analysis of customer conduct and transactions to determine if they fall under the types of suspected Bank-Secrecy-Act and money-laundering violations that the rules instruct the institutions to report. Specifically, the new rules state that banks must report any activity that the institution knows, suspects, or has reason to suspect: * ...involves funds derived from illegal activities or is intended or conducted in order to hide or disguise funds or assets derived from illegal activities (including...the ownership, nature, source, location, or control of such funds or assets) as part of a plan to violate or evade federal law or regulation or to avoid any reporting requirement under federal law or regulation. (Note: This mirrors, in large measure, the operative language of the U.S. money laundering criminal law [Title 18, USC Sec. 1956].) * Is designed to evade any requirement of the BSA regulations including the new SAR rules. * ...has business or apparent lawful or is not the sort in which the particular customer would normally be expected to engage, and [the institution] knows of reasonable explanation for the after examining the available facts... New ground for banks The duty to report transactions that have no business or apparent lawful purpose marks a revolutionary new requirement for banks. In its comments accompanying the final rule, Treasury's FinCEN (Financial Crimes Enforcement Network) said that unlike many criminal acts, money laundering involves the taking of apparently lawful steps--opening bank accounts, wiring funds, or investing or reinvesting assets--for an unlawful purpose. A skillful money launderer will often split the movement of funds between several institutions so that one institution can have a complete picture of the transactions or funds movement involved. The duty to report activity covers all transactions that are conducted or attempted by, at, or through the reporting institution. The final rule eliminates the use of safe deposit boxes from the definition of transaction that would have made them subject to SAR reporting in an earlier draft. One exception: when a bank must enter a safe deposit box and discovers something that would prompt an SAR, FinCEN says that may be the subject of a voluntary SAR. Another major change is the elimination of the need to file supporting documentation with the SAR, as had been required with the CRF. The government spared itself the need for much storage space when it drafted the final rule to say that documentation is deemed to have been filed with the SAR when held by the institution--in effect as agent for the government. On the other hand, requests for the documentation by the banking agencies, FinCEN, or federal enforcement agencies will not require a subpoena or other legal procedure. …" @default.
• W6312700 created "2016-06-24" @default.
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• W6312700 date "1996-05-01" @default.
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• W6312700 title "A SAR Is Born" @default.
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