Bank Secrecy Act : Suspicious Activity Report Use Is Increasing, But FinCEN Needs To Further Develop And Document Its Form Revision Process

Book Description:

To assist law enforcement agencies in their efforts to combat money laundering, terrorist financing, and other financial crimes, the Bank Secrecy Act requires financial institutions to file suspicious activity reports (SAR) to inform the fed. govżt. of transactions related to possible violations of law. Depository institutions have been concerned about the resources required to file SARs and the extent to which SARs are used. This report examines: (1) factors affecting the number of SARs filed; (2) actions agencies have taken to improve the usefulness of SARs; (3) fed. agencies' use of SARs; and (4) the effectiveness of the process used to revise SAR forms. The auditor interviewed rep. from the Financial Crimes Enforcement Network (FinCEN). Illus.