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FinCEN presses for faster sharing of suspicious transactions

The Treasury Department’s Financial Crimes Enforcement Network has established a hotline for financial institutions to expedite information about suspicious transactions that may be related to terrorist activity. Banks and other financial services already file regular suspicious activity reports over a secure reporting system to the IRS Detroit Computing Center. The hotline will bring possible terrorist-related financial activity to the attention of officials and law enforcement more rapidly, FinCEN said yesterday in its announcement. “Even if not currently covered by the suspicious activity reporting requirements, institutions such as money services businesses, casinos and card clubs, and securities firms are encouraged to use the financial institutions hotline to report suspicious activity that may relate to recent terrorist activity and to file a SAR form,” FinCEN said. In the war on terrorist financing, Treasury said it has disrupted and, in some cases, dismantled the financial infrastructure of some terrorist operations. Full Story

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