CORRECTION APPENDED: Federal law enforcement agencies will ask multiple financial institutions next week to take part in a pilot program intended to improve how banks identify suspicious clients and communicate with investigators. Representatives of the El Dorado Task Force, an interagency group comprised of investigators in New York and New Jersey, will propose the arrangement at an upcoming roundtable discussion with anti-money laundering (AML) officers, according to James Hayes, special agent in charge with Homeland Security Investigations in New York. "We're pushing some type of enhanced cooperation with some of the larger financial institutions, and hopefully we'll see that that's...
Untimely suspicious activity report filings by banks and the temporary storage of IP addresses by service providers are among the factors that hamper federal investigations of financial fraud against the elderly, U.S. officials and industry representatives said Tuesday.
Personally letting law enforcement agents know about clients' questionable activity can be crucial to identifying money launderers, according to Hector Colon, unit chief of the Illicit Finance and Proceeds of Crime Unit of Homeland Security Investigations at U.S. Immigration and Customs Enforcement.
Federal examiners have asked at least a dozen banks along the U.S.-Mexico border to file suspicious activity reports even for relatively small transactions deemed only to be "unusual," say compliance professionals.
Once confined to large banks, the practice of forming teams to review suspicious activity reports ahead of regulatory filing deadlines is increasingly being adopted by midsize financial institutions, say compliance professionals.
Banks should use client financial statements, tax returns and audits when determining whether a business can be exempted from currency transaction reporting duties, the U.S. Treasury Department said Monday.