Financial services companies need better guidance for writing suspicious activity reports to make them more useful in catching money launderers, says Rich Whiting, executive director of the Financial Services Roundtable. Whiting believes regulators should provide better clarity on the purpose of SARs so bankers can reduce the number of useless reports filed every year. The Roundtable, an industry group in Washington, D.C., that represents some of largest banks, investment companies and securities and investment firms in the U.S., lists easing the burden of anti-money laundering (AML) rules as a top policy initiative. Whiting, who also serves as chairman of the...
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