GAO Presses for Better Data on SAR Value Add
Reflecting longstanding industry hopes for analysis of the actual law-enforcement value of complex and costly SAR findings, GAO yesterday issued recommendations to the DoJ that it improve its BSA data-collection and annual reports. GAO also concludes that FinCEN is limited in its ability to support law enforcement and provide feedback to financial institutions due to the DoJ failing to collect and share BSA report data.
SEC Expands Whistleblower Awards to Actions Brought by Banking Agencies
The SEC today announced new whistleblower incentives that may encourage whistleblowing also on offenses subject to banking-agency enforcement. The SEC’s amended rule allows the Commission to pay awards to whistleblower actions brought by appropriate agencies other than the Commission, which are defined not only as the U.S. Department of Justice and state AGs, but also as the OCC, the Fed, and the FDIC.