FinCEN Files: What are Suspicious Activity Reports?

FinCEN Files: What are Suspicious Activity Reports?

Bank of New York Mellon said it has complied with "all applicable laws and regulations".

At least one transaction may have a Gupta link.

The FinCEN Files relate to United States dollars 2 trillion in allegedly illicit transactions that circulated between 1999 and 2017.

Earlier today, the Monetary Authority of Singapore said it was studying media reports that Singapore banks had informed USA regulators of suspicious transactions, adding that it would take "appropriate action" based on the outcome of its review.

This comes after a cache of leaked documents showed they transferred more than $2 trillion in suspect funds over almost two decades.

Its role in a $80m (£62m) fraud is detailed in a leak of documents - banks' "suspicious activity reports" - that have been called the FinCEN Files.

Shares in rival banks have also been hit.

Between 1999 and 2017, $1.3 trillion was flagged to have passed through Deutsche Bank, German broadcaster Deutsche Welle reported.

Compliance experts said that part of the problem now was banks were struggling to distinguish between transactions that were and were not suspicious, so were simply filing millions of SARs that enforcement agencies lack the capacity to deal with.

Standard Bank may have flagged transfers to banks in Nigeria and Lichtenstein, as well as a number of transactions involving Chinese banks.

The documents - known as SARs - are not necessarily proof of wrongdoing.

Banks have hired thousands of employees to beef up anti-money laundering and financial crime teams, and some withdrew from certain countries and dropped correspondent-banking ties with hundreds of smaller lenders. Photo: EPA-EFE alt=Deutsche Bank had the largest amount of transactions flagged in suspicious activity reports reviewed by ICIJ, with transactions totalling more than US$1.3 trillion.

To make matters worse, HSBC sparked anger in Hong Kong earlier this year, alienating some of its most loyal investors, after scrapping its dividend in response to the pandemic. "Given the confidential nature of these reports, we do not comment on or confirm any particular report or transaction", a Citi spokesperson said.

Standard Chartered, Bank of NY and Barclays Plc were other lenders that flagged more than US$20 billion of suspicious activity in the files obtained by ICIJ.

The account was shut after charges were filed in April 2014.

"We know this won't be easy, but we must take further action to control the resurgence in cases of the virus and protect the NHS", Johnson will say.

ByteDance was racing to avoid a crackdown on its popular short-video app after the U.S. Commerce Department said on Friday it would block new downloads and updates to the app.

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