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#2242951 - 09/23/20 11:54 AM BSA SARs & FINCen, all for naught?
MB Guy Offline
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Interesting article from Sept 20 (also shared in the BSA Forum):

https://www.buzzfeednews.com/articl...brFcUSKqyCrGKEhGufYmCI5d0EOyvYX0gwxrWgkE
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#2242952 - 09/23/20 12:04 PM Re: BSA SARs & FINCen, all for naught? MB Guy
edAudit Offline
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Just another article showing that the author does not understand the processes for Banks AML processes. It also assumes guilty until proven innocent. The only guilty party that is shown is the person that leaked the information about the SARs which is a federal crime.

Another interesting article about the article.

https://www.thekomisarscoop.com/202...fake-news-repudiated-by-british-inquest/
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#2242954 - 09/23/20 12:14 PM Re: BSA SARs & FINCen, all for naught? MB Guy
MB Guy Offline
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Thanks ed. I read it and it was readily apparent that the author didn't understand the processes behind the SAR reporting, but the implications of large bank ignorance and no results from all of the SARs (including them never being read or used in any some of the time) was disheartening to read if true.
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#2242956 - 09/23/20 12:31 PM Re: BSA SARs & FINCen, all for naught? MB Guy
InFairness, CRCM Offline
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In a recent article about indictments for PPP fraud, the DOJ said some of the fraudsters initially flagged because of SAR filings when they transferred funds between banks. If that's the case, someone must be reading them.
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#2242958 - 09/23/20 12:52 PM Re: BSA SARs & FINCen, all for naught? MB Guy
edAudit Offline
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In the PPP fraud arena I can not think of a way that the fraudsters would be caught other than some reporting by the bank.

The auto/boat dealers do not know that the fraudster got a PPP loan.
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#2243009 - 09/23/20 09:39 PM Re: BSA SARs & FINCen, all for naught? MB Guy
Valley girl Offline
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I had a EIDG/EIDL come in for someone that had no business or sales tax licenses, no sales, no cost of goods, no assumed name, no business cards, no website, no store front, no business expenses and no products. He gave me the phone number to the SBA officer that granted his SBA loan. I actually was able to verify that she was an employee of the SBA through a contact the Secret Service gave me. She kept asking me what business it was of ours to question the loan. She said if she approved it, it was good and we really had no right to second guess anything.

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#2243038 - 09/24/20 03:41 PM Re: BSA SARs & FINCen, all for naught? MB Guy
DeeQ Offline
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#2243049 - 09/24/20 04:09 PM Re: BSA SARs & FINCen, all for naught? MB Guy
praBSA Offline
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I agree, local enforcement needs better access to SARs and reporting. I stay in contact with a local sheriff's office detective and feed him cases. The problem is, he doesn't have access to the SAR database, so I can not give him any specific information until he gets a DA to send over a subpoena or has a federal contact of his pull a SAR for him. He has been very successful in prosecuting various cases. The process just takes a lot longer to catch the bad guys because of all the hoops. Some specific procedures from FinCEN to get other agencies to help reviewing SARs would go along way. What were the numbers I saw last? Over 2 million SARs/year, only 270 FinCEN employees working those SARs? Sheeesh.

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