Blame the system for FinCen files, not the banks, experts urge

The files, obtained by Buzzfeed and the International Consortium of Investigative Journalists and released over the weekend, contain Suspicious Activity Reports filed with the U.S. Department of Treasury's Financial Crimes Enforcement Network, or FinCen, between 1999 and 2017. The suspicious transactions outlined in the documents total $2 trillion.in relation to transactions they were making on clients' behalf.

"Action has been taken, it has been taken repeatedly, and it has cost the banks billions in fines. All banks that we know of are very eager to obey both the spirit and letter of the law and have gone to great lengths to do so, investing large amounts in personnel and technology to identify any problematic cases," he said.Financial institutions are legally obligated to alert regulators when they detect any suspicious activity, such as money laundering or sanctions violations.

He said we were at a "critical inflection point" of understanding how FinCen and the U.S. financial crime mechanism interacts with regulated industries to, "really get at the heart of the issue of not just satisfying regulators but to actually identify bad money and to keep it out of the global monetary system."

"You are performing these functions and cross-purposes in part because banks just don't want to constantly keep getting hit over the head by regulators," he added.Tom Keatinge, director of the Centre for Financial Crime and Security Studies at RUSI, told CNBC's "Squawk Box Europe" on Tuesday that banks' spending on compliance and the fines and scrutiny already imposed for past failings indicated that the issues raised by the leaks are largely being dealt with.

Source: News Formal (newsformal.com)

The financial equivalent of 'Don't hate the player, hate the game.'

Yes master

lol

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