Tuesday, 22 Sep 2020 07:50 AM MYT
The report was based on 2,100 leaked suspicious activity reports , covering transactions between 1999 and 2017, filed by banks and other financial firms with the US Department of Treasury's Financial Crimes Enforcement Network . Banks are required to file an SAR whenever handling funds that cause grounds for suspicion of criminal activity.
“It also brings out the point that managing financial crime risk goes beyond making SARs,” Bogardi said. JPMorgan and Bank of New York Mellon, which were also in the top five banks mentioned most frequently in the SARs, fell more than 3 per cent each during trading in New York. BNY Mellon said it fully complied with all “all applicable laws and regulations.” JPMorgan said it has “thousands of people and hundreds of millions of dollars dedicated to this important work.”
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