Filling a Gap Between Agencies and Banks, Michigan Team Could Be Template for Other Regions

By Brian Monroe

A team of law enforcement and bank officials may provide a model for how investigators and compliance officers at small and midsize financial institutions can better communicate, say individuals involved. Formed in March 2011, the Michigan-based group of six banks and credit unions and three law enforcement agencies meet every three months for three or four hours. Their goal: to improve their suspicious activity reports (SARs) and discuss the financial crimes particular to their region. The team is a "great model and could and should be applied elsewhere," said Gary Murray, the former director of New York's High Intensity Financial...