For 16 months, the International Consortium of Investigative Journalists, BuzzFeed News and 108 media partners around the world investigated thousands of SARs filed by financial institutions with FinCEN, questioning flagged transactions involving more than $2 trillion. In September, the ICIJ journalists published their findings, with the SARs providing new insights into scandals involving well-known cases such as the Bangladesh Bank heist, the looting of Malaysia’s 1MDB Fund and rampant corruption in Venezuela, as well other lesser-known incidents that nevertheless suggested the movement of illicit proceeds through US and European banks. In this webinar, panelists will examine what the leaked SARs reveal about the challenges faced by AML officers and investigators, what they show about the responses of financial institutions to potential malfeasance by lucrative clients, and assess the vigor of the regulatory responses.
Examining what the FinCEN Files reveal about how AML controls including SAR filing decisions may conflict with business imperatives in areas such as private banking and PEPs oversight
Analyzing the limitations of SARs on unregulated industries such as arts and antiquities trading and how money laundering is facilitated with shell firms and anonymous buyers/sellers
Detailing cases involving Venezuelan “boligarchs” to highlight how systemic issues including lax correspondent banking oversight to integrate illicit assets into mainstream financial systems