The Financial Crimes Enforcement Network (FinCEN) has released a report on how the United States' largest depository institutions conduct their Bank Secrecy Act (BSA) and anti-money laundering (AML) programs.
According to the report:
The report also noted some issues raised by the banks in the study. These included concerns about roadblocks to sharing of SARs between institutions, the lack of standardized country risk ratings that can be used for AML monitoring, and confusion and concern about the 30-day filing period for a SAR.
According to an article from Bank Information Security, FinCEN Director James Freis recently said of theproject, "As a result of this dialogue, law enforcement investigators and regulators will receive increasingly better information to act against financial crime and illicit activities."
FinCEN plans on carrying out a similar outreach survey of money services businesses.