1/ A few weeks back, FinCEN issued an angry and cryptic press release talking about how it would be damaging to have a large set of SARs made public. Now we know why.

You can download the FinCEN Files transaction data https://www.icij.org/investigations/fincen-files/download-fincen-files-transaction-data/ via @ICIJorg

2/ now that this information is public, I hope FinCEN takes the opportunity to turn lemons into lemonade.

3/ First, FinCEN can now use real examples to provide guidance on what it deems is a good vs. bad SAR narrative.

The industry should then be nudged to use that guidance to write better SARs.

4/ Second, FinCEN should use this as an opportunity to highlight new money laundering typologies that have emerged from this data and that it wants the industry to cover in its filings.

5/ FinCEN and Congress should use this opportunity to update US AML laws to include something like a “x strikes and you’re out” requirement.

If a customer triggers more than X SAR filings in a year, the FI should have to de bank them to retain it’s liability safe harbor.

6/ Congress should finalize its work in the upcoming spending bills and make FinCEN a central database of private company beneficial ownership information. This database should then be made available to FinTechs and Banks who can use it to confirm identity in KYB processes.

7/ In a more functioning Congress, this would also spur debate over whether DOJ was appropriately bringing enough cases against SAR suspects, or companies that enable large scale money laundering.

Folks who fight something like that raise a question - what are they hiding?