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Financial Institutions that Skimp on SARs Will Face Scrutiny: Former Congressional Counsel
By Kieran Beer
printLawmakers are likely to scrutinize the frequency of suspicious activity reporting by financial institutions that have reduced their anti-money laundering staff, a former Congressional counsel said Wednesday. Congressional committees addressing financial compliance would focus on stemming tax evasion this legislative session, said Michael Flowers, a former advisor for the U.S. Senate's Permanent Subcommittee on Investigations (PSI). To help stop the problem, banks should be looking at the successes of their anti-money laundering (AML) departments, he said. "The tax compliance people need to walk over to the AML people at the other side of the house and ask how they did...
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