On September 20, 2020 BuzzFeed News released information contained within 2,657 documents leaked from the U.S. Treasury’s Financial Crimes Enforcement Network. These reports outlined over 200,000 suspicious financial transactions, valued at over $2 trillion, completed between 1999 and 2017. For many, the details contained within the 2,121 Suspicious Activity Reports (SARS) and other supporting documents have raised questions about current anti-money laundering (AML) regulations and banking practices.
While many experts in the field agree that there is a critical need for AML reform, they understand the FinCEN files do not fully represent the efforts of the government and financial institutions. Recently, John Byrne of AML RightSource and CEO Gary M. Shiffman, PhD, sat down to analyze the contents of the leaked documents and their relevance for AML reform. Watch the full conversation below.