Braden Perry Discusses the FinCEN Leaked SARs, Which Show ‘Massive Failure’ of Banks, Regulators with Fastinform.com
A recent report about the potential laundering of trillions of dollars through the world’s largest banks demonstrates an ineffective regulatory system that is continuously abused by banks, with little chance of change unless direct action is taken by the government. Buzzfeed News pieced together decades of financial transactions and published their findings of its investigation. The investigation mapped more than 200,000 transactions using the suspicious activity reports, bringing to attention more than $2 trillion in transactions occurring between 1999 and 2017.
However, despite the banks reporting the activity to regulators, the money potential laundering is not typically stopped by financial institutions or law enforcement. Banks are required to file suspicious activity reports when they discover possible money laundering or other financial misconduct. Even though these reports are filed with the government, only law enforcement agencies have access to the database where millions of records are stored.
Braden Perry, a regulatory and government investigations attorney with Kansas-based law firm Kennyhertz Perry, said the FinCEN documents discovered by Buzzfeed News show “a massive failure on the part of regulators and bank executives.”
To read this article in full: https://fastinform.com/leaked-suspicious-activity-reports-show-massive-failure-of-banks-regulators/
About Kennyhertz Perry’s Financial Services practice group:
Kennyhertz Perry integrates broad regulatory expertise, including compliance and enforcement, with the transactional practices to which that expertise is critical. We are called upon by businesses who need help navigating current and future regulatory challenges stemming from the global financial crisis. To assist our clients in understanding the issues that will affect their industries, entities and transactions, we understand the impact of regulations and requirements of both The Dodd-Frank Wall Street Reform and Consumer Protection Act and a wide variety of U.S. and foreign regulatory reforms targeting investment business and market structures, alternative investment fund managers, private equity and others, central clearing and exchange-trading of derivatives, market abuse and insider dealing, capital regimes, and commodity derivatives.
Kennyhertz Perry attorneys also have broad BSA/AML experience across the spectrum of bank and non-bank financial institutions. These include traditional chartered banks, broker-dealers, commodity trading advisors, money transmitters, non-bank lenders, and virtual currency businesses. We are experienced in counseling and drafting BSA/AML practices, policies, and procedures. Our combined knowledge and skill permit us to anticipate potential problems before they become serious issues and assist clients in responding effectively to regulatory and law enforcement criticisms or inquiries.
Kennyhertz Perry regularly counsels lenders, investment advisers, broker-dealers, and fund managers on the laws, rules, and regulatory developments affecting their business, including regulatory requirements, risk management, licensing and registration, sales and marketing practices and materials, manuals and training, day-to-day compliance.
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.
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