WASHINGTON—It “might be time for regulators and law to have a conversation” to discuss how financial institutions can best provide actionable information to law enforcement while meeting their regulatory obligations, according to one person.
Aaron Tapp, section chief for the Federal Bureau of Investigation’s financial crimes section, told financial crimes professionals it “might be time to have a conversation” between regulators and law enforcement to discuss how financial institutions can best provide actionable information to law enforcement while meeting their regulatory obligations.
“The [Anti-Money Laundering Act of 2020] was maybe a start in that direction,” Tapp stated during an industry event. “But I think it may be time for us to sit down and look at how can we get to the core of this problem [in a simpler way]? Technology has evolved, the types of crimes have evolved, we’re seeing all types of evolution in the crypto space—it might be time for that conversation to occur.”
‘Think Like an Investigator’
According to Tapp. from a law enforcement perspective, it is useful when filing Suspicious Activity Reports for FIs to “think like an investigator,” and provide as much information as possible about the “subject, victims, venue . . . what are the actual loss amounts.”
He also emphasized the importance of timely communication between financial institutions and law enforcement in cases that require a SAR filing, the ABA Banking Journal reported.
“The sooner the conversation can occur between the financial institution and the investigative agency, the better,” Tapp said.
Don’t Forget to Check the Spam Folder!
Don’t forget to check your Spam/Junk email folder if you haven’t been receiving your free, popular and daily CUToday.info news headlines email.
And if you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time.
CUToday.info has received very positive response from readers following the move to an improved provider of the daily headlines, but many also noted they did need to go to their Spam/Junk folder and mark it as safe.
The new email solution has not only improved every reader’s delivery experience, but it also features a fresh, new format that is easy to read, especially on mobile devices.
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.