FinCEN Updates SAR Standards for US Banks
The US Treasury's Financial Crimes Enforcement Network (FinCEN) has issued new guidance on Suspicious Activity Reports (SARs), shifting the focus from volume to value.
According to the director of Moody's Financial Crimes Practice, this update aims to improve the quality of intelligence shared with law enforcement, resulting in fewer "tick-box filings" for banks, but greater pressure to justify decisions with sound judgment and clear documentation.
- The new guidance eases several long-standing requirements around SARs.
- Banks will need to provide more detailed justifications for their decisions.
- The goal is to tackle scams at their source, as found in a major report.
The regime shifts from volume to value.
Author's summary: FinCEN updates SAR standards to improve intelligence quality.
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