{"id":47239,"date":"2020-09-24T07:12:51","date_gmt":"2020-09-24T11:12:51","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/"},"modified":"2024-04-24T14:42:21","modified_gmt":"2024-04-24T18:42:21","slug":"heres-how-banks-flag-shady-transactions-with-sars-quicktake","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/","title":{"rendered":"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0367a97207f]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0367a97207f'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/risk\/\" rel=\"category tag\">\n                    Risk\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0367a97f65d'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div>    <p class=\"bbg-metadata bbg-metadata--date\">September 24, 2020<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0367a981532'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article is written by Yalman Onaran\u00a0and\u00a0Alan Katz. It appeared first on the Bloomberg Terminal.<\/em><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The phrase \u201cif you see something, say something\u201d isn\u2019t just about packages left on the subway. Banks around the world have a similar duty. The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging transactions that somehow don\u2019t look right or sending them to the government for investigation. In the U.S., those referrals are called suspicious activity reports, or SARs. They are in the news again after a group of media organizations\u00a0<a href=\"https:\/\/www.icij.org\/investigations\/fincen-files\/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists\/\" target=\"_blank\" rel=\"noopener noreferrer\">published<\/a>\u00a0a series of stories based on leaked SARs, which flagged more than $2 trillion in suspicious transactions between 1999 and 2017 at banks including Deutsche Bank AG and HSBC Holdings Plc. Unlike some other kinds of financial monitoring, SARs often inhabit a world of gray areas rather than definitive proof.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>1. What\u2019s a SAR?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Banks and other financial institutions have been required to file suspicious activity reports to the U.S. Treasury since 1992. They\u2019re meant to alert the authorities to potential money laundering, the financing of terrorists, sanction violations or political corruption. And no, this is not the same as the rule requiring banks to report large cash transactions that\u2019s found its way into innumerable crime dramas. That\u2019s a currency transaction report, or CTR.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>2. What\u2019s the difference?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Currency transaction reports have clear-cut dollar-value thresholds, most notably any transaction between individuals over $10,000. SARs have much more subjective guidelines. For instance, former New York Governor Eliot Spitzer knew enough about CTRs that when he transferred money to a prostitution ring he made sure that none exceeded $10,000. But because he made a series of transfers to the same business within a short time, the activity was flagged by anti-money laundering staff at the banks involved and led to a SAR being filed.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>3. Who decides what\u2019s suspicious?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Although the process varies by firm, it typically starts with alerts generated automatically by computers based on certain pre-defined criteria. Then actual people go through those one by one &#8212; some big banks have outsourced this function to lower-paid clerks in India or other emerging markets &#8212; and eliminate most of them. A subset of more suspicious transactions is forwarded to another group within the bank, which analyzes them again and narrows down the pile before filing SARs with the Treasury. Some of the most egregious transactions are also investigated further internally to see whether some clients should be dropped for being too much of a financial crime risk. These teams usually act autonomously within firms, filing the SARs they deem necessary without seeking approval from upper management.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Market-leading solutions for the sell-side<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_3515595093695141697\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/banks-broker-dealers\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>4. What happens then?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The Treasury\u2019s Financial Crimes Enforcement Network, known as FinCEN, acts like a giant clearinghouse where all the SARs initially land, are looked at and then, if deemed noteworthy, forwarded to the relevant law enforcement authority such as the Federal Bureau of Investigation or the local police department in the corresponding region. Banks complain that they usually don\u2019t get any feedback on whether the SARs they filed helped in catching bad guys. Authorities ask banks about only 4% of the reports filed, according to a\u00a0<a href=\"https:\/\/bpi.com\/recent-activity\/getting-to-effectiveness-report-on-u-s-financial-institution-resources-devoted-to-bsa-aml-sanctions-compliance\/\" target=\"_blank\" rel=\"noopener noreferrer\">2018 survey<\/a>\u00a0of the nation\u2019s biggest banks. There\u2019s no data on what percentage of SARs end up in arrests or convictions. A former Treasury official was arrested in 2018 and charged with\u00a0<a href=\"https:\/\/bloom.bg\/3602vvZ\" target=\"_blank\" rel=\"noopener noreferrer\">leaking SARs<\/a>\u00a0to the media. She pleaded guilty in January to conspiring to give the sensitive financial information to reporters.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>5. How often are SARs filed?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>For the first two decades after the system was created, SARs filings averaged about 100,000 a year. In 2013, that number jumped to over a million after the Justice Department and bank regulators fined HSBC $1.9 billion for failing to do enough to monitor money laundering in its global operations. A flurry of other high-profile prosecutions of big banks followed, resulting in <a href=\"https:\/\/bloom.bg\/2RVFB0g\" target=\"_blank\" rel=\"noopener noreferrer\">$20 billion in fines<\/a> related to money laundering and sanctions violations. U.S. bank regulators also tightened supervision of efforts to police money transfers. All those steps have led to a surge of SARs filings in the U.S., reaching more than 3 million last year from banks, according to <a href=\"https:\/\/www.fincen.gov\/reports\/sar-stats\" target=\"_blank\" rel=\"noopener noreferrer\">FinCen data<\/a>.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>6. How much does that cost?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>A lot. Following its fine, HSBC quintupled the number of employees fighting financial crime, to 5,000, Other large global banks doubled staff levels and now on average employ 2,000 in such divisions. The 14 largest banks now spend $2.6 billion a year in the fight, the 2018 survey found.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>7. Is this only done in the U.S.?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>Some form of suspicious activity reporting is required from financial institutions in all major economies. Europol, the European Union\u2019s central agency for fighting crime, has set up a computer network to facilitate exchange of information between the bloc\u2019s financial intelligence units. About a million STRs (suspicious transaction reports) are filed in EU member states annually. The EU is currently debating whether it should have a central banking regulator\u00a0tasked\u00a0with supervising its lenders\u2019 financial crime efforts, after recent high-profile\u00a0<a href=\"https:\/\/bloom.bg\/2RUinHY\" target=\"_blank\" rel=\"noopener noreferrer\">money laundering revelations<\/a>\u00a0exposed the lack of coordination within the bloc. The same issue dogs China\u2019s efforts to fight money laundering, as its version of SARs are sent to 38 different authorities, fragmenting analysis and dissemination.<\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>8. Which banks are in the spotlight?<\/strong><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>In the\u00a0<a href=\"https:\/\/www.icij.org\/investigations\/fincen-files\/global-banks-defy-u-s-crackdowns-by-serving-oligarchs-criminals-and-terrorists\/\" target=\"_blank\" rel=\"noopener noreferrer\">new<\/a>\u00a0investigation by the International Consortium of Investigative Journalists, based on documents obtained by BuzzFeed News, the five banks that appeared most in the leaked SARs were Deutsche Bank, JPMorgan, HSBC, Standard Chartered and Bank of New York Mellon. Among the\u00a0<a href=\"https:\/\/www.buzzfeednews.com\/article\/tomwarren\/deutsche-bank-money-laundering-mirror-trades\" target=\"_blank\" rel=\"noopener noreferrer\">allegations<\/a>\u00a0are that Deutsche Bank Chairman Paul Achleitner was\u00a0<a href=\"https:\/\/bloom.bg\/300kYEK\" target=\"_blank\" rel=\"noopener noreferrer\">warned<\/a>\u00a0about serious compliance failures that exposed the bank to money launderers. A Deutsche Bank spokesman said the bank had no record that Achleitner had been involved in discussions with another bank in which it raised concerns about Deutsche Bank\u2019s compliance standards. The spokesman said the bank has devoted significant resources to strengthening its controls and that SARs are \u201calerts of potential issues, not proven facts.\u201d Last year, Treasury Secretary Steve Mnuchin told Congress that he would have FinCEN look into whether Deutsche Bank has the right policies on filing SARs after the New York Times\u00a0<a href=\"https:\/\/bloom.bg\/3hYHV1j\" target=\"_blank\" rel=\"noopener noreferrer\">reported<\/a>\u00a0that the bank had declined to flag transactions involving President Donald Trump\u2019s businesses.<\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0367a989dfd]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0367a989dfd'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0367a98cfa1'] = {\"config\":{\"uuid\":\"\",\"title\":\"\",\"filter_label\":\"\",\"post_type\":\"post\",\"order_by\":\"date\",\"direction\":\"desc\",\"show_date\":\"no\",\"show_excerpt\":\"no\",\"display\":\"limit\",\"filter\":\"OR\",\"max_items\":\"3\",\"skip_cache\":\"no\",\"feed_style\":\"grid\",\"published_date\":\"\",\"show_cta\":\"\",\"featured_image\":\"yes\",\"el_class\":\"\",\"terms_post\":\"\",\"terms_page\":\"\",\"terms_attachment\":\"\",\"terms_webinar\":\"\",\"terms_bbmegamenu\":\"\",\"terms_directory\":\"\",\"terms_datalayer\":\"\",\"terms_templatera\":\"\",\"terms_bbg-fourofour\":\"\",\"terms_reusable\":\"\",\"terms_cookie_items\":\"\",\"terms_bbl_email_subscriber\":\"\",\"terms_dynamic_table_ticker\":\"\",\"terms_bfix\":\"\",\"terms_quicklinks\":\"\",\"terms_interstitial\":\"\",\"terms_slide\":\"\",\"terms_gated_content_form\":\"\",\"terms_site_alert\":\"\",\"terms_country\":\"\",\"terms_region\":\"\",\"terms\":\"\"},\"cpt\":{\"name\":\"post\",\"label\":\"Posts\",\"labels\":{\"name\":\"Posts\",\"singular_name\":\"Post\",\"add_new\":\"Add New\",\"add_new_item\":\"Add New Post\",\"edit_item\":\"Edit Post\",\"new_item\":\"New Post\",\"view_item\":\"View Post\",\"view_items\":\"View Posts\",\"search_items\":\"Search Posts\",\"not_found\":\"No posts found.\",\"not_found_in_trash\":\"No posts found in Trash.\",\"parent_item_colon\":null,\"all_items\":\"All Posts\",\"archives\":\"Post Archives\",\"attributes\":\"Post Attributes\",\"insert_into_item\":\"Insert into post\",\"uploaded_to_this_item\":\"Uploaded to this post\",\"featured_image\":\"Featured image\",\"set_featured_image\":\"Set featured image\",\"remove_featured_image\":\"Remove featured image\",\"use_featured_image\":\"Use as featured image\",\"filter_items_list\":\"Filter posts list\",\"filter_by_date\":\"Filter by date\",\"items_list_navigation\":\"Posts list navigation\",\"items_list\":\"Posts list\",\"item_published\":\"Post published.\",\"item_published_privately\":\"Post published privately.\",\"item_reverted_to_draft\":\"Post reverted to draft.\",\"item_trashed\":\"Post trashed.\",\"item_scheduled\":\"Post scheduled.\",\"item_updated\":\"Post updated.\",\"item_link\":\"Post Link\",\"item_link_description\":\"A link to a post.\",\"menu_name\":\"Posts\",\"name_admin_bar\":\"Post\"},\"description\":\"\",\"public\":true,\"hierarchical\":false,\"exclude_from_search\":false,\"publicly_queryable\":true,\"show_ui\":true,\"show_in_menu\":true,\"show_in_nav_menus\":true,\"show_in_admin_bar\":true,\"menu_position\":5,\"menu_icon\":\"dashicons-admin-post\",\"capability_type\":\"post\",\"map_meta_cap\":true,\"register_meta_box_cb\":null,\"taxonomies\":[],\"has_archive\":false,\"query_var\":false,\"can_export\":true,\"delete_with_user\":true,\"template\":[],\"template_lock\":false,\"_builtin\":true,\"_edit_link\":\"post.php?post=%d\",\"cap\":{\"edit_post\":\"edit_post\",\"read_post\":\"read_post\",\"delete_post\":\"delete_post\",\"edit_posts\":\"edit_posts\",\"edit_others_posts\":\"edit_others_posts\",\"delete_posts\":\"delete_posts\",\"publish_posts\":\"publish_posts\",\"read_private_posts\":\"read_private_posts\",\"read\":\"read\",\"delete_private_posts\":\"delete_private_posts\",\"delete_published_posts\":\"delete_published_posts\",\"delete_others_posts\":\"delete_others_posts\",\"edit_private_posts\":\"edit_private_posts\",\"edit_published_posts\":\"edit_published_posts\",\"create_posts\":\"edit_posts\"},\"rewrite\":false,\"show_in_rest\":true,\"rest_base\":\"posts\",\"rest_namespace\":\"wp\\\/v2\",\"rest_controller_class\":\"WP_REST_Posts_Controller\",\"rest_controller\":{},\"revisions_rest_controller_class\":false,\"revisions_rest_controller\":{},\"autosave_rest_controller_class\":false,\"autosave_rest_controller\":{},\"late_route_registration\":false},\"taxonomies\":[{\"taxonomy\":\"post_format\",\"terms\":[{\"term_id\":33,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":33,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":12,\"filter\":\"raw\"},{\"term_id\":666,\"name\":\"Link\",\"slug\":\"post-format-link\",\"term_group\":0,\"term_taxonomy_id\":666,\"taxonomy\":\"post_format\",\"description\":\"\",\"parent\":0,\"count\":2,\"filter\":\"raw\"}]},{\"taxonomy\":\"post_series\",\"terms\":{\"0\":{\"term_id\":3751,\"name\":\"Asia Centric\",\"slug\":\"asia-centric\",\"term_group\":0,\"term_taxonomy_id\":3751,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":51,\"filter\":\"raw\"},\"1\":{\"term_id\":3741,\"name\":\"Bloomberg Expert Access\",\"slug\":\"bloomberg-expert-access\",\"term_group\":0,\"term_taxonomy_id\":3741,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":10,\"filter\":\"raw\"},\"2\":{\"term_id\":3739,\"name\":\"Bloomberg Pro Tips\",\"slug\":\"bloomberg-pro-tips\",\"term_group\":0,\"term_taxonomy_id\":3739,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":59,\"filter\":\"raw\"},\"4\":{\"term_id\":3743,\"name\":\"Functions for the Market\",\"slug\":\"ffm\",\"term_group\":0,\"term_taxonomy_id\":3743,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":7,\"filter\":\"raw\"},\"5\":{\"term_id\":3770,\"name\":\"Market Dialogues\",\"slug\":\"market-dialogues\",\"term_group\":0,\"term_taxonomy_id\":3770,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":11,\"filter\":\"raw\"},\"6\":{\"term_id\":3742,\"name\":\"Need to Know\",\"slug\":\"need-to-know\",\"term_group\":0,\"term_taxonomy_id\":3742,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":15,\"filter\":\"raw\"},\"7\":{\"term_id\":3798,\"name\":\"Pricing Insights\",\"slug\":\"pricing-insights\",\"term_group\":0,\"term_taxonomy_id\":3798,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"},\"8\":{\"term_id\":3740,\"name\":\"Terminal Essentials\",\"slug\":\"terminal-essentials\",\"term_group\":0,\"term_taxonomy_id\":3740,\"taxonomy\":\"post_series\",\"description\":\"\",\"parent\":0,\"count\":6,\"filter\":\"raw\"}}},{\"taxonomy\":\"type\",\"terms\":{\"0\":{\"term_id\":3762,\"name\":\"Article\",\"slug\":\"article\",\"term_group\":0,\"term_taxonomy_id\":3762,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":1644,\"filter\":\"raw\"},\"1\":{\"term_id\":3763,\"name\":\"Case Study\",\"slug\":\"case-study\",\"term_group\":0,\"term_taxonomy_id\":3763,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":41,\"filter\":\"raw\"},\"3\":{\"term_id\":3765,\"name\":\"Podcast\",\"slug\":\"podcast\",\"term_group\":0,\"term_taxonomy_id\":3765,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":504,\"filter\":\"raw\"},\"4\":{\"term_id\":3815,\"name\":\"Press Release\",\"slug\":\"press-release\",\"term_group\":0,\"term_taxonomy_id\":3815,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":81,\"filter\":\"raw\"},\"5\":{\"term_id\":3766,\"name\":\"Q&amp;A\",\"slug\":\"qa\",\"term_group\":0,\"term_taxonomy_id\":3766,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":101,\"filter\":\"raw\"},\"6\":{\"term_id\":3767,\"name\":\"Report\",\"slug\":\"report\",\"term_group\":0,\"term_taxonomy_id\":3767,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":77,\"filter\":\"raw\"},\"8\":{\"term_id\":3768,\"name\":\"Video\",\"slug\":\"video\",\"term_group\":0,\"term_taxonomy_id\":3768,\"taxonomy\":\"type\",\"description\":\"\",\"parent\":0,\"count\":135,\"filter\":\"raw\"}}}],\"excluded_taxonomies\":{\"\":[]},\"post_id\":47239};\n<\/script>\n<div class=\"feed\" data-id=\"6a0367a98cfa1\"><\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--white bbg-row--full-bg-bleed\" data-anchor='row-6a0367a98e0bf'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Request a Demo<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2394578053807689960\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.<\/p>\n","protected":false},"author":1686,"featured_media":34601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"1260","footnotes":""},"categories":[469],"tags":[518,574],"series":[],"class_list":["post-47239","post","type-post","status-publish","format-standard","hentry","category-risk","tag-compliance","tag-news","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\" \/>\n<meta property=\"og:site_name\" content=\"Bloomberg Professional Services\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/bloomberglp\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-24T11:12:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-04-24T18:42:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F10%2F364550224-e1600937268788.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1066\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"pchoudhury2\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@theterminal\" \/>\n<meta name=\"twitter:site\" content=\"@theterminal\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"pchoudhury2\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\"},\"author\":{\"name\":\"pchoudhury2\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/70054e3453c0627a49da6d3e76b7ae74\"},\"headline\":\"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake\",\"datePublished\":\"2020-09-24T11:12:51+00:00\",\"dateModified\":\"2024-04-24T18:42:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\"},\"wordCount\":\"1325\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"keywords\":[\"Compliance\",\"News\"],\"articleSection\":[\"Risk\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\",\"name\":\"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake | Insights | Bloomberg Professional Services\",\"isPartOf\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\"},\"datePublished\":\"2020-09-24T11:12:51+00:00\",\"dateModified\":\"2024-04-24T18:42:21+00:00\",\"description\":\"The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#website\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"name\":\"Bloomberg Professional Services\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#organization\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"contentUrl\":\"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png\",\"width\":\"512\",\"height\":\"103\",\"caption\":\"Bloomberg Professional Services\"},\"image\":{\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.instagram.com\/bloomberg\/\",\"https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/\",\"https:\/\/www.facebook.com\/bloomberglp\",\"https:\/\/twitter.com\/theterminal\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/70054e3453c0627a49da6d3e76b7ae74\",\"name\":\"Bloomberg Professional Services\",\"url\":\"https:\/\/www.bloomberg.com\/professional\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake | Insights | Bloomberg Professional Services","description":"The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/","og_locale":"en_US","og_type":"article","og_title":"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake | Insights | Bloomberg Professional Services","og_description":"The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.","og_url":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/","og_site_name":"Bloomberg Professional Services","article_publisher":"https:\/\/www.facebook.com\/bloomberglp","article_published_time":"2020-09-24T11:12:51+00:00","article_modified_time":"2024-04-24T18:42:21+00:00","og_image":[{"width":1600,"height":1066,"url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F10%2F364550224-e1600937268788.jpg","type":"image\/jpeg"}],"author":"pchoudhury2","twitter_card":"summary_large_image","twitter_creator":"@theterminal","twitter_site":"@theterminal","twitter_misc":{"Written by":"pchoudhury2","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/#article","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/"},"author":{"name":"pchoudhury2","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/70054e3453c0627a49da6d3e76b7ae74"},"headline":"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake","datePublished":"2020-09-24T11:12:51+00:00","dateModified":"2024-04-24T18:42:21+00:00","mainEntityOfPage":{"@id":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/"},"wordCount":"1325","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"keywords":["Compliance","News"],"articleSection":["Risk"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/","url":"https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/","name":"Here\u2019s how banks flag shady transactions with \u2018SARs\u2019: QuickTake | Insights | Bloomberg Professional Services","isPartOf":{"@id":"https:\/\/www.bloomberg.com\/professional\/#website"},"datePublished":"2020-09-24T11:12:51+00:00","dateModified":"2024-04-24T18:42:21+00:00","description":"The first line of defense against money laundering and other financial crimes often boils down to the thousands of bank employees flagging suspicious transactions.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.bloomberg.com\/professional\/insights\/risk\/heres-how-banks-flag-shady-transactions-with-sars-quicktake\/"]}]},{"@type":"WebSite","@id":"https:\/\/www.bloomberg.com\/professional\/#website","url":"https:\/\/www.bloomberg.com\/professional\/","name":"Bloomberg Professional Services","description":"","publisher":{"@id":"https:\/\/www.bloomberg.com\/professional\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.bloomberg.com\/professional\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.bloomberg.com\/professional\/#organization","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/","url":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","contentUrl":"https:\/\/assets.bbhub.io\/image\/v1\/convert?type=auto&amp;url=https%3A%2F%2Fassets.bbhub.io%2Fprofessional%2Fsites%2F41%2Flogo.png","width":"512","height":"103","caption":"Bloomberg Professional Services"},"image":{"@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.instagram.com\/bloomberg\/","https:\/\/www.linkedin.com\/showcase\/bloomberg-professional-service\/","https:\/\/www.facebook.com\/bloomberglp","https:\/\/twitter.com\/theterminal"]},{"@type":"Person","@id":"https:\/\/www.bloomberg.com\/professional\/#\/schema\/person\/70054e3453c0627a49da6d3e76b7ae74","name":"Bloomberg Professional Services","url":"https:\/\/www.bloomberg.com\/professional"}]}},"_links":{"self":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/47239","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/users\/1686"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/comments?post=47239"}],"version-history":[{"count":1,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/47239\/revisions"}],"predecessor-version":[{"id":66740,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/posts\/47239\/revisions\/66740"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media\/34601"}],"wp:attachment":[{"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/media?parent=47239"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/categories?post=47239"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/tags?post=47239"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/series?post=47239"},{"taxonomy":"type","embeddable":true,"href":"https:\/\/www.bloomberg.com\/professional\/wp-json\/wp\/v2\/type?post=47239"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}