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FBI Walks Md./D.C. CUs Through How BSA Filings Are Used

Suspicious Activity Reports and other Bank Secrecy Act/Anti-Money Laundering filings completed by credit unions and banks are used everyday to fight terrorism and money laundering, an FBI agent told attendees of the MDDCCUA Annual Meeting.

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OCEAN CITY, Md. — Suspicious Activity Reports and other Bank Secrecy Act/Anti-Money Laundering filings completed by credit unions and banks are used everyday to fight terrorism and money laundering, an FBI agent told attendees of the MDDCCUA Annual Meeting.

The saying is that everything costs money and that holds true even in terrorism, FBI Supervisory Special Agent Jeff Walker explained. Tracking criminal and terrorist financing is nothing new to law enforcement. “Every terrorist incident around the world, we’ve done this,” he said, but 9/11 and the Patriot Act pushed information gathering and sharing to the forefront.

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