"Can you comment when SARs come up?" by Preston Burton and Katherine L. Halliday (Banking Exchange)
Banking ExchangePreston Burton, Katherine L. Halliday
Recent news related to the investigation of Russian influence in the U.S. political process has drawn the public’s attention to the Suspicious Activity Report (SAR) system and raised questions about its integrity.
Financial institutions, among others, are required to file SARs with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) reporting certain financial transactions that are suspicious or otherwise indicative of criminal activity. SARs reported to FinCEN are accessible by federal and state law enforcement and intelligence agencies, but their dissemination or disclosure to the press, and thereby to the public, or even the reporting institution’s own customer is prohibited.
Originally published in Banking Exchange; reprinted with permission.