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Question & Answer
Question: We're very careful to report both internal and external suspicious activity to FinCEN in the form of an SAR. Can we, in turn, access the SAR information submitted by other banks to FinCEN? For instance, can our Human Resources Department take the name of a potential employee and verify that the individual does or does not have a record with FinCEN? Or could we find other information on suspected criminal activity?
Answer: Not a chance. The process by which you provide SAR data is the equivalent of a one-way street. Information compiled and maintained by FinCEN may be accessed by FEDERAL law enforcement agencies only. Not even the LOCAL cops have access. And nobody actually has a "record" with FinCEN. The only thing you could learn (if you could access SAR records) is that some other financial institution also reported that individual on a Suspicious Activity Report.
If you learn to work with the LOCAL cops, however - you have a new source of information. Local records - and subsequent arrests, convictions and restitution orders - are normally public records (unless a juvenile is involved).
You can call a local law enforcement investigator and ask, "Are you currently working any investigations on…". Because financial crime offenders often commit multiple crimes in the same jurisdiction, the investigator may be investigating the offender for other reasons. You're then welcome to add your investigation to the pile of existing reports. A local private investigator (or you) may also search court records. And, local law enforcement agencies may also conduct records searches if the state's law allows this practice. In Texas, for example, the Texas Department of Public Safety allows anyone to search for a person's criminal records for the past 7-10 years using the agency's on-line offender database. It costs about $3.00 per search.
Our thanks to HOTLINE advisor Dana Turner for this response.
Copyright © 2000 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 10, No. 10, 10/00
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