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FinCEN to Proactively Flag SARs as Part of IT Overhaul
By Brian Monroe
printUpgrades to the U.S. Treasury Department's Bank Secrecy Act database will allow the nation's financial intelligence unit to better identify criminal activity indicated in regulatory reports, a governmental auditor said. The Financial Crimes Enforcement Network (FinCEN), which is in the process of modernizing a decade-old database of millions of anti-money laundering (AML) regulatory reports, has "designed and developed business rules for new proactive alerts to identify when new FinCEN data filings meet established rules-based criteria," according to Feb. 12 report by the department's Office of Inspector General. The plan is expected to "result in increased awareness of relevant filings and...
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