The quality of suspicious activity reports targeting terrorism is improving as the volume decreases, U.S. Treasury Undersecretary Stuart Levey said.
In the wake of a KPMG audit that discovered a backlog of 58,000 unattended suspicious activity reports (SARs), the British Home Office has announced creation of a task force to oversee reforms in the countrys anti-money laundering efforts.
When the Office of the Inspector General of the U.S. Treasury Department set out several months ago to research fraudulent activities affecting the nations financial institutions, it found another problem altogether.