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FinCEN Orders Institutions to Tag SARs Involving Foreign Corruption
printThe Financial Crimes Enforcement Network instructed financial institutions to use the term "foreign corruption" in the narrative section of any suspicious activity reports they file involving senior foreign political figures. Insertion of the term "foreign corruption" into SAR narratives will "ensure that transactions related to foreign corruption are identified by law enforcement as early as possible," according to FinCEN, the Treasury Department bureau responsible for administering Bank Secrecy Act reporting rules. In guidance issued Thursday, FinCEN reminded financial institutions that banks, securities brokers, futures commission merchants, commodities brokers, and mutual funds must conduct enhanced due diligence on any private banking...
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