WASHINGTON—Today, the Financial Crimes Enforcement Network (FinCEN) convened a virtual FinCEN Exchange with members of the financial industry and law enforcement to discuss FinCEN’s analysis of suspicious activity reporting (SAR) with a transactional nexus to Alabama, Florida, Georgia, Mississippi, and South Carolina. Topics of discussion included an analysis of certain Bank Secrecy Act (BSA) filing statistics for SARs and an analysis of SAR filings related to recent FinCEN advisories.
Today’s FinCEN Exchange supports one of FinCEN’s highest priorities—to strengthen public-private partnerships to identify and mitigate threats in order to safeguard our national security and protect communities and citizens from harm. Engagement on specific topics, trends, and typologies between industry, law enforcement, and FinCEN can enhance the value of BSA reporting. Such reporting can assist law enforcement in identifying and addressing potential criminal methodologies, support ongoing investigations, and promote efficient and effective reporting of actionable information by financial institutions.
FinCEN Exchange is a voluntary public-private partnership that convenes relevant stakeholders, including law enforcement and financial institutions, to discuss criminal threats and share information, typologies, and solutions. FinCEN Exchange aims to protect our national security and our citizens from harm by combatting money laundering and its related crimes, including terrorism, through public-private dialogue that encourages, enables, and acknowledges industry focus on high-value and high-impact activities.