CTRs and SARs
Question: Why don't we hear more about how the government uses the CTRs and SARs that we file? Information like that would help me get people on the bandwagon.
Answer: It would be wonderful information to have, but there are several reasons why it is limited. The first is that the government is sensitive - now more than ever - to the need for confidentiality. No one would want the release of information to compromise that. For the same reason, any information that is released will be carefully sanitized.
Second, investigations usually take a long time and the information about the use of SARs cannot be released until the investigation and prosecution is complete. To release the information earlier would compromise the investigation.
Finally, we don't want information released that would actually give tips to wrongdoers. The SAR report is for the financial industry, not for the bad guys.
Copyright © 2004 Compliance Action. Originally appeared in Compliance Action, Vol. 9, No. 7, 7/04
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