The number of suspicious activity reports annually filed by depository institutions dropped 3.2 percent in 2010, the largest drop ever in the regulatory filings, according to U.S. data. The financial institutions sent the U.S. Treasury Department's financial intelligence unit over 697,000 reports, known as SARs, last year. The total is a 4.8 percent drop from the over 732,000 SARs filed by banks in 2008, when the number of SARs first dropped, the department's Financial Crimes Enforcement Network (FinCEN) said Wednesday. While lower than previous years, the 2010 totals for depository institutions still exceed the number filed by the businesses in...
With plenty of convincing reasons, representatives of the law enforcement and compliance industry say the coming year is fraught with serious challenges.
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