ABA Banking Journal - November/December 2016 - 44


>>> ANTI-MONEY LAUNDERING

SHARING

SUSPICIONS
How automated collaboration among financial
institutions can help banks, and law enforcement,
fight financial crime more efficiently and effectively.
BY JAMIE ROWSELL

"D

ata! Data! Data!" he
cried impatiently. "I
can't make bricks
without clay." When
it comes to the
value of quality information to a crime
investigator, not much has changed
since Sherlock Holmes' lament in 1892.
With criminals targeting the U.S.
financial system to both clean and
move their fraudulently-obtained funds,
government expectations that financial
institutions will uncover financial crime
deeply hidden within an ocean of
legitimate customer activity are greater
than ever.

INFO >>>>>>>>>
Keep track of the latest in AML and BSA
strategies at the ABA/ABA Money Laundering
Enforcement Conference, Nov. 13-15 in
Washington, D.C. Register at aba.com.
44

ABA BANKING JOURNAL | NOVEMBER/DECEMBER 2016

These heightened regulatory
expectations require increased
diligence on the part of banks;
however, the value of the information
that banks provide to law enforcement
is immeasurable.
At the Department of the Treasury's
Law Enforcement Awards ceremony
earlier this year, Jennifer Shasky
Calvery-at the time director of
the Financial Crimes Enforcement
Network-highlighted the importance
of the relationship between banks and
law enforcement's ability to prosecute
financial criminals: "Without the
valuable information that U.S. financial
institutions provide, the significant
cases recognized here today would
likely never have seen the light of day."
While the help of financial institutions
is absolutely essential to law
enforcement, quantity can sometimes

be the enemy of quality. With a volume
of nearly two million Suspicious Activity
Reports submitted annually from all
industry types required to report, poor
quality information can greatly affect
law enforcement's ability to uncover
patterns of activity and isolate the
truly suspicious. Josh Brown, director
of security at the Fauquier Bank in
Warrenton, Va., with a background
of more than 20 years in law
enforcement, understands the negative
effect low-quality information can have.
"If a BSA officer files on something that
they know isn't suspicious, it just bogs
down the whole process," he says.
Of course, determining what is truly
suspicious is not always black and white.
With limited investigative resources
and an absence of important customer
information, financial crime investigators
can end up immobilized, creating an
inefficient decision-making process.


http://www.aba.com

Table of Contents for the Digital Edition of ABA Banking Journal - November/December 2016

Chairman’s View
Upfront
Picture This
Banking’s ‘Amazon Moment’
Special Report on Innovation and Technology
Building an ‘Internet of Value’
Do You Do What the Data Tell You?
Innovation in the Bank
Core Exercises
Cover Story Pillar of Her Community
Maintaining a Commitment to Ag Customers
Who You Gonna Call?
Anti-Money Laundering
Power Up Profile
Compliance ‘When Can I Call My Customer?’
Risk Management
ABA Compliance Center Inbox
From the States
Corporate Social Responsibility
Index of Advertisers
ABA Banking Journal - November/December 2016 - bellyband1
ABA Banking Journal - November/December 2016 - bellyband2
ABA Banking Journal - November/December 2016 - cover1
ABA Banking Journal - November/December 2016 - cover2
ABA Banking Journal - November/December 2016 - 3
ABA Banking Journal - November/December 2016 - 4
ABA Banking Journal - November/December 2016 - 5
ABA Banking Journal - November/December 2016 - 6
ABA Banking Journal - November/December 2016 - 7
ABA Banking Journal - November/December 2016 - Chairman’s View
ABA Banking Journal - November/December 2016 - 9
ABA Banking Journal - November/December 2016 - 10
ABA Banking Journal - November/December 2016 - Upfront
ABA Banking Journal - November/December 2016 - 12
ABA Banking Journal - November/December 2016 - 13
ABA Banking Journal - November/December 2016 - 14
ABA Banking Journal - November/December 2016 - 15
ABA Banking Journal - November/December 2016 - Picture This
ABA Banking Journal - November/December 2016 - 17
ABA Banking Journal - November/December 2016 - 18
ABA Banking Journal - November/December 2016 - 19
ABA Banking Journal - November/December 2016 - Special Report on Innovation and Technology
ABA Banking Journal - November/December 2016 - 21
ABA Banking Journal - November/December 2016 - 22
ABA Banking Journal - November/December 2016 - Building an ‘Internet of Value’
ABA Banking Journal - November/December 2016 - 24
ABA Banking Journal - November/December 2016 - 25
ABA Banking Journal - November/December 2016 - Do You Do What the Data Tell You?
ABA Banking Journal - November/December 2016 - 27
ABA Banking Journal - November/December 2016 - insert1
ABA Banking Journal - November/December 2016 - insert2
ABA Banking Journal - November/December 2016 - Innovation in the Bank
ABA Banking Journal - November/December 2016 - 29
ABA Banking Journal - November/December 2016 - 30
ABA Banking Journal - November/December 2016 - Core Exercises
ABA Banking Journal - November/December 2016 - Cover Story Pillar of Her Community
ABA Banking Journal - November/December 2016 - 33
ABA Banking Journal - November/December 2016 - 34
ABA Banking Journal - November/December 2016 - 35
ABA Banking Journal - November/December 2016 - 36
ABA Banking Journal - November/December 2016 - 37
ABA Banking Journal - November/December 2016 - Maintaining a Commitment to Ag Customers
ABA Banking Journal - November/December 2016 - 39
ABA Banking Journal - November/December 2016 - 40
ABA Banking Journal - November/December 2016 - Who You Gonna Call?
ABA Banking Journal - November/December 2016 - 42
ABA Banking Journal - November/December 2016 - 43
ABA Banking Journal - November/December 2016 - Anti-Money Laundering
ABA Banking Journal - November/December 2016 - 45
ABA Banking Journal - November/December 2016 - 46
ABA Banking Journal - November/December 2016 - Power Up Profile
ABA Banking Journal - November/December 2016 - 48
ABA Banking Journal - November/December 2016 - Compliance ‘When Can I Call My Customer?’
ABA Banking Journal - November/December 2016 - 50
ABA Banking Journal - November/December 2016 - Risk Management
ABA Banking Journal - November/December 2016 - ABA Compliance Center Inbox
ABA Banking Journal - November/December 2016 - 53
ABA Banking Journal - November/December 2016 - 54
ABA Banking Journal - November/December 2016 - From the States
ABA Banking Journal - November/December 2016 - 56
ABA Banking Journal - November/December 2016 - Corporate Social Responsibility
ABA Banking Journal - November/December 2016 - Index of Advertisers
ABA Banking Journal - November/December 2016 - cover3
ABA Banking Journal - November/December 2016 - cover4
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