The Financial Crimes Enforcement Network [FinCEN] has released its Year in Review for FY 2022.
The review highlights that over the past year:
- FinCEN received an approximate total of 4.3 million suspicious activity reports [SARs];
- Money laundering activities accounted for approximately 2.927 million SARs;
- Terrorist financing activities accounted for approximately 2000 SARs; and
- Over 7600 institutions worked with one another to identify and report ML/TF activities to the federal government under section 314(b) of The Patriot Act.
Firms can read FinCEN’s report to gain further insights into the work of the bureau and how financial information filed pursuant to the Bank Secrecy Act is used.