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Daniel P. Stipano quoted in ACAMS article, “FinCEN files show downside of risk-based approach for banks”

ACAMS

Daniel P. Stipano

Daniel P. Stipano was quoted on October 9, 2020, in an ACAMS article, “FinCEN files show downside of risk-based approach for banks,” which discussed the how privacy rules are creating unclear expectations for banks on cutting ties with high-risk clients, and whether the lenders cited in the FinCEN files fully followed anti-money laundering rules.

Stipano noted, “Financial institutions, however, have a duty to protect the confidentiality of their customers and are therefore barred from revealing whether they closed an account or kept an account open during the course of a law enforcement investigation. The FinCEN files and the reporting around it thus far don’t tell the whole story. We know the banks filed SARs, which is a good thing, that’s what they are required to do under the Bank Secrecy Act. But we don’t know what else they may have been doing.”

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