This is one of my favorite BSA anecdotes.
In the May 2009 issue of the FINCEN “SAR ACTIVITY REVIEW” (see link for entire story below), it appears that a bank’s BSA/AML geeks tripped up the bad guys and helped send them to jail.
The geeks dutifully noticed a business checking customer who appeared to be engaging in activity inconsistent with the customer’s business profile. As a result of the subsequent SAR filing, the bad guys went to jail and at least some of the defrauded consumers got some restitution.
Hooray for the Compliance Geeks!
I live in the compliance world. I well understand that compliance people don’t jump to mind when the word “hero” comes up. And, I have read enough stories about selfish, greedy banks to last a lifetime.
So, it’s nice to read about a bank (and its compliance geeks) who rescued who-knows-how-many customers from a serious, potentially heart-wrenching, life-arresting loss. My hat’s off to the these guys. Kudos! Bravo! Keep up the good work.
Click the link below for the full story.
(Published in The SAR Activity Review – Trends, Tips & Issues, Issue 15, May 2009)