Vast Majority of Bank Secrecy Act Reporting Goes Unanswered: US Industry Group

By Daniel Bethencourt

Law enforcement agencies responded to less than 5 percent of all suspicious activity reports and currency transaction reports filed last year by several of the largest U.S. banks, according to an unreleased industry survey. Key results from the survey, conducted by the Clearing House, a New York-based trade group, appeared in testimony delivered Wednesday to the Senate Banking Subcommittee on National Security and International Trade and Finance by Tracy Woodrow, head of Bank Secrecy Act compliance for M&T Bank in Buffalo, New York. Woodrow is leading a Clearing House review of how and to what extent banks apply resources towards...