The FinCEN leaks: What happens next?

No one truly knew the scale of money laundering and suspicious transactions activity that takes place every day across mainstream banking until the FinCEN files were leaked to the International Consortium of Investigative Journalists (ICIJ) and BuzzFeed News.

This highly damaging treasure trove of Suspicious Activity Report (SAR)s (which had been filed for over a decade) with the United States – Financial Crimes Enforcement Network (FinCEN) blew the lid right off the sectors ability to fight financial crime. It shone a bright cold light on the multiple failings of the worlds’ leading financial services brands, their general inability to stop money laundering and/or their potential desire to turn a blind eye to some of the worlds most corrupt players and rogue states.

In all, an ICIJ analysis found, the “documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity”.

The FinCEN leaks only relates to a fraction of all SARs filed during the period. What are professionals to make of this? How should practitioners, regulators and governments react? Is this old news or new news? Can we reverse the damage done?

In this webinar we discuss:

  • What the main issues with the FinCEN SARs are?
  • How does the FinCEN leaks compare to the Paradise and Panama papers?
  • How do we think investors, regulators & governments will react?
  • What change has to take place now and why?
  • What should banks do to stop financial criminals from using their firms for illicit purposes?
FinCEN Leaks

Download The FinCEN leaks: What happens next?