NEW YORK (12/14/15)--More than 9,000 law enforcement agencies make approximately 30,000 searches per day of reports filed to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN). FinCEN Director Jennifer Shasky Calvery shared these numbers during a speech in New York last week.
“On average, we receive approximately 55,000 electronically filed Bank Secrecy Act (BSA) reports from more than 80,000 financial institutions and 500,000 individual foreign bank account holders each day through an IT system we developed known as E-filing,” she said. “E-filing not only streamlines reporting for tens of thousands of financial institutions and hundreds of thousands of individual filers, it also helps the users of the BSA data by making BSA reports searchable in FinCEN Query in two days, rather than a minimum of two weeks if filed on paper.”
According to Shasky Calvery, these analytical enhancements have allowed the data provided to FinCEN by financial institutions more timely and valuable to law enforcement searching for criminal activity.
She also highlighted the importance of suspicious activity reports (SARs) from financial institutions in stopping cyberattacks and other criminal activity.
“In addition to helping identify the source of cyber-attacks, the attribution information included in SARs allows FinCEN to follow the money and identify the malicious cyber actors or networks receiving payment for conducting illicit financial activities,” she said. “It also allows FinCEN to identify members of any money laundering network helping to move and hide the money. Finally, FinCEN uses this information to map the trail of funds which is crucial to recovering funds maliciously obtained by cyber actors.”
Attendees at this year’s CUNA/National Association of State Credit Union Supervisors BSA Conference heard firsthand from FinCEN and a number of other agencies about the importance of BSA compliance, as well as best practices.
Click here for News Now’s coverage of this year’s conference.
Next year’s BSA Conference will be held in San Antonio from Nov. 13 to 16.