LE relies on timely and accurate notification of financial crimes
1
“ Public and Private Sectors Together in the Fight Against Financial Crime , with Kenneth A . Blanco ,” Financial Crime Matters , https :// soundcloud . com / financialcrimematters / kenneth-a-blanco
2
“§ 1020.320 Reports by banks of suspicious transactions ,” National Archives , https :// www . ecfr . gov / current / title-31 / subtitle-B / chapter-X / part-1020 / subpart-C / section-1020.320
3
“ FinCEN Advisory to Financial Institutions to Counter the Financing of Iran- Backed Terrorist Organizations ,” Financial Crimes Enforcement Network , May 8 , 2024 , https :// www . fincen . gov / sites / default / files / advisory / 2024-05-07 / FinCEN-Advisory-Iran-Backed-TF-508C . pdf
4
Ibid .
5
“ Advisory on Ransomware and the Use of the Financial System to Facilitate Ransom Payments ,” Financial Crimes Enforcement Network , November 8 , 2021 , https :// www . fincen . gov / sites / default / files / advisory / 2021-11-08 / FinCEN % 20 Ransomware % 20Advisory _ FINAL _ 508 _. pdf
authorities .” 18 Before disclosing information , ensure that ( 1 ) the SAR has actually been filed , ( 2 ) information is being disclosed to the appropriate parties and ( 3 ) only covered information is being disclosed . The filing of a SAR does not entitle LE to all information at the FI ’ s disposal .
― 314 ( a ), National Security Letter and Grand Jury Subpoena information will not be disclosed outside of your institution .
― Consider contacting your legal representative to review privacy regulations in the areas you service to document what can be disclosed under specific circumstances .
― Determine if you can / will provide information on actions taken ( e . g ., notification to board of directors , account officer , etc ., or exiting of the customer , etc .).
Within the SAR form , there is a field for LE contact information . When you have notified LE , add it to both the field within the form and to the narrative . Although the form part of the SAR limits the number of contacts listed , there is not a similar limit in the narrative so remember to list all individuals and entities contacted or notified of the SAR filing . It is imperative that the contacts be complete and accurate in order for the various LE agencies to cooperate and coordinate potential responses . Just as public-private partnerships are key to successful AML campaigns , LE partnerships are key to successful investigations and prosecutions . LE relies on timely and accurate notification of financial crimes . The time to determine your LE contact requirements and strategies is before you need them .
Amy Wotapka , CAMS , BSA officer , First American Bank , Kenosha , WI , USA , awotapka @ firstambank . com
6
“ Ransomware Guide ,” Cybersecurity and Infrastructure Security Agency , September 2020 , https :// www . cisa . gov / sites / default / files / publications / CISA _ MS-ISAC _ Ransomware % 20Guide _ S508C . pdf
7
This email address was retired effective August 16 , 2024 . See : “ Important Announcement for Users of OFAC ’ s Compliance Hotline ,” Office of Foreign Assets Control , August 2 , 2024 , https :// ofac . treasury . gov / recent-actions / 20240802 _ 33
8
“ Financial Trend Analysis : Ransomware Trends in Bank Secrecy Act Data Between January 2021 and June 2021 ,” Financial Crimes Enforcement Network , https :// www . fincen . gov / sites / default / files / 2021-10 / Financial % 20Trend % 20 Analysis _ Ransomware % 20508 % 20FINAL . pdf
9
Michael J . Waters and Colin H . Black , “ Tech Transactions & Data Privacy 2022 Report : Ransomware Reporting Requirements ― A Look Forward into Evolving Security Incident Notification Rules ,” The National Law Review , February 9 , 2022 , https :// natlawreview . com / article / tech-transactions-data-privacy- 2022-report-ransomware-reporting-requirements-look
10
“ Advisory on Elder Financial Exploitation ,” Financial Crimes Enforcement Network , June 15 , 2022 , https :// www . fincen . gov / sites / default / files / advisory / 2022-06-15 / FinCEN % 20Advisory % 20Elder % 20Financial % 20 Exploitation % 20FINAL % 20508 . pdf
11
FinCEN Alert on Nationwide Surge in Mail Theft-Related Check Fraud Schemes Targeting the U . S . Mail ,” Financial Crimes Enforcement Network , February 27 , 2023 , https :// www . fincen . gov / sites / default / files / shared / FinCEN % 20Alert % 20 Mail % 20Theft-Related % 20Check % 20Fraud % 20FINAL % 20508 . pdf
12
“§ 21.11 Suspicious Activity Report ,” National Archives , https :// www . ecfr . gov / current / title-12 / chapter-I / part-21 / subpart-B / section-21.11
13
Ibid .
14
“ Title 12 , Part 353 ― Suspicious Activity Reports ,” National Archives , https :// www . ecfr . gov / current / title-12 / chapter-III / subchapter-B / part-353
15
Ibid .
16
“ FinCEN Suspicious Activity Report ( FinCEN SAR ) Electronic Filing Requirements ,” Financial Crimes Enforcement Network , https :// bsaefiling . fincen . treas . gov / docs / XMLUserGuide _ FinCENSAR . pdf
17
Ibid .
18
31 CFR 1020.320 states banks may disclose a SAR or reveal information that would disclose the existence of a SAR to FinCEN or any federal , state or local LE agency , any federal regulatory authority that examines the bank for compliance with the BSA , or any state regulatory authority administering a state law that requires the bank to comply with the BSA or otherwise authorizes the state authority to ensure that the bank complies with the BSA .
ACAMS Today | March – May 2025 41