Money Laundering Bulletin
Open Up: U.S. Set to Pilot Cross-border SAR Sharing
February 17, 2022
Serious financial crime is borderless, but firms regulated for anti-money laundering have long found it illegal, or highly problematic at the least, to share details of suspicious activity reports on clients outside the jurisdiction in which they were filed. The United States is now seeking to regain some initiative against illicit finance by allowing SARs to be shared internationally intra-group for the first time. Michael D. Mann & Brian P. Morrissey examine the fine print in FinCEN’s proposal.
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