Fighting the Good Fight-WST

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September 24, 2020

Fighting the Good Fight – WST

Earlier this month, the Financial Crimes Enforcement Network (FinCEN) put out a cryptic statement regarding the unlawful disclosures of suspicious activity reports (SARs).   According to FinCEN, various media outlets were intending to publish a series of articles based on unlawfully disclosed SARs, as well as other sensitive government documents.  Some of you may have read the Buzzfeed article referenced by FinCEN and may have had the same reaction many of us here at 10-D Security had after reading it – mainly that, as bankers, compliance officers, and auditors, we know and understand the importance of monitoring and reporting on suspicious activity.  We know these reports are filed to support government investigations of money laundering and terrorist financing, as well as other nefarious activity – not to profit off suspect transactions or support bad actors.  We appreciate the sincere responsibility financial institutions take on a daily basis to monitor and report on suspect activity.

With that being said, we thought maybe now would be a good time to remind everyone of the numerous tips, suggestions, and guidance available on FinCEN’s website regarding SAR filings.  From “Avoiding Common Errors in SAR Filings” to “SAR FAQs” to our personal favorite, “Writing Effective SAR Narratives” – there is a treasure-trove of information available to help you perfect your SAR-filing skills just a click away at www.fincen.gov.

We also want to take this time to send a huge shout-out to all the Compliance Officers out there … did you know that your special day is just around the corner? September 26 is National Compliance Officer Day!!!  Can I get a woot woot?!?!!!  So, to all you compliance officers, thank you for fighting the good fight.  Your efforts are truly appreciated!

Past Weekly Security Tips – WST

2020-09-24T20:57:13+00:00
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