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Banks Rely More on Personnel than Software for SARs, Says FinCEN
printBanks have various levels of satisfaction with their transaction monitoring systems and rely on employee referrals for the best indications of suspicious activity, according to a U.S. Treasury Department report. The findings, released Tuesday by the department's Financial Crimes Enforcement Network (FinCEN), come as part of a survey of banking practices and Bank Secrecy Act compliance programs at eight of the largest U.S. banks. The bureau visited the depository institutions between April 2008 and January, FinCEN said in the report. Of the eight banks consulted, all said that referrals from branch compliance officers and employees were the "most productive source...
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