The U.S. Treasury Department will soon take steps to help not only financial institutions, but also the agencies that regulate them, understand which obligations come into play when they flag, or choose not to flag, transactions as potentially illicit, federal officials said Tuesday. John Hurley, head of Treasury's Office of Terrorism and Financial Intelligence, told attendees of The Assembly Las Vegas that banks and other institutions still face undue pressure to submit SARs on seemingly benign transactions nearly a quarter-century after the Financial Crimes Enforcement Network, or FinCEN, sought to address the problem through guidance. "What began as relief has...
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