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Financial Services Law Insights and Observations

FinCEN hosts exchange on SAR reporting

Financial Crimes FinCEN SARs Bank Secrecy Act

Financial Crimes

On November 9, the Financial Crimes Enforcement Network (FinCEN) held a virtual “FinCEN Exchange” with members of the financial industry and law enforcement “to discuss FinCEN’s analysis of suspicious activity reporting (SAR) with a transactional nexus to Alabama, Florida, Georgia, Mississippi, and South Carolina.” As previously covered by InfoBytes, SAR Stats—formerly called By the Numbers—is an annual compilation of numerical data gathered from SARs filed by financial institutions using FinCEN’s new unified SAR form and e-filing process. According to FinCEN, analysis of certain Bank Secrecy Act filing statistics for SARs and an analysis of SAR filings related to recent FinCEN advisories were among the topics discussed. FinCEN also noted that this FinCEN Exchange “supports one of FinCEN’s highest priorities—to strengthen public-private partnerships to identify and mitigate threats in order to safeguard our national security and protect communities and citizens from harm.”

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