The U.S. Treasury needs to improve its collaboration with law enforcement and other stakeholders as it tries again to revise its process for reporting suspicious financial transactions, according to a U.S. Government Accountability Office report issued on Monday. FinCEN failed to consider the concerns of law enforcement analysts during its attempt to revise the suspicious activity report (SAR) form in 2006 and has not come up with a plan to improve collaboration in re-making the form, according to the GAO's report dated February 2009. Currently, depository institutions use a form last revised in 2003 to file SARs and FinCEN's attempts...
Nearly 60 percent of the suspicious activity reports filed in fiscal 2006 had missing, incorrect or incomplete data in fields critical to law enforcement agencies, according to a federal watchdog report.
The United States' financial intelligence unit should better inform law enforcement agencies about when and how it can help financial crime investigators, a federal watchdog organization said Monday.
The division of the U.S. Treasury Department that oversees the country's financial intelligence unit has been "inconsistent" in its cooperation with other government agencies, a watchdog report said Monday.
The sharp rise in bank closings is forcing the U.S. Treasury Department's watchdog to limit its investigations into Bank Secrecy Act enforcement, a department official said Thursday.
If a bank releases too much or too little information or takes too long to respond to a request from law enforcement officials, an investigation might be bogged down or even compromised.
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.
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