Claiming that he was fired for trying to file a suspicious activity report on a customer and two employees, a former compliance officer for an East Brunswick, New Jersey-based bank has filed a lawsuit seeking an unspecified amount of lost pay, attorney's fees and punitive damages. Richard Boywitt, who worked as the Bank Secrecy Act (BSA) compliance officer at Brunswick Bank and Trust for nearly six months in 2007, has alleged the bank violated employee protection laws in a complaint filed May 1 in New Jersey Superior Court. Compliance professionals say the case is a rarity, but that if Boywitt's...
The federal agency charged with collecting and analyzing the reports of suspicious transactions and customers filed by financial institutions only looks at about 20 percent of the more than one million submitted every year, say former FinCEN insiders.
As lawmakers and banking compliance professionals turn their attention to the burgeoning credit crisis, the Federal Deposit Insurance Corp. has issued a dozen Bank Secrecy Act-related enforcement actions, serving to warn institutions not to skimp on their anti-money laundering efforts.
The Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) has revised its suspicious activity reporting form with the aim of reducing duplicate filings for individual suspicious transactions.