FinCEN touts utility of reports as reform looms

Feb 07, 2020

Law enforcers and regulators query Suspicious Activity Report data roughly 30,000 times per day, or 7.4 million times per year, Financial Crimes Enforcement Network Deputy Director Jamal El-Hindi said. Speaking in New York as Congress considers anti-money-laundering reform, El-Hindi focused on the value of SARs to FinCEN and other agencies.

Several bills to reform the BSA/AML regime are pending in Congress. ICBA recently called on the Senate Banking Committee to mark up the bipartisan ILLICIT CASH Act (S. 2563), which would create a central database of company beneficial ownership information at FinCEN.

That bill would complement ICBA-supported legislation that passed the House last fall to require small businesses to disclose their "beneficial owners" directly to FinCEN (H.R. 2513) and index currency transaction report thresholds to inflation (H.R. 2514). Senate passage is one of ICBA’s top 2020 advocacy priorities.

These bills are consistent with ICBA's white paper on modernizing the BSA/AML regime.