When law enforcement officials speak at ACAMS conferences, they frequently recount how suspicious activity reports (SARs) helped them catch members of a drug cartel or human traffickers and they thank the audience. But the importance of the intelligence provided by compliance officers to law enforcement is often clearest when banks fail to actually file SARs or CTRs. The Feb. 27 release of a joint Financial Crimes Enforcement Network (FinCEN) and Office of the Comptroller of the Currency $1.5-million penalty against First National Community Bank (FNCB) of Dunmore, PA graphically illustrates the point. It tells the very sorry story of how...
First National Community Bank of Dunmore, PA will pay $1.5 million for failing to report transactions linked to a pair of former state judges who secretly profited by sending minors to detention facilities.
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