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AT: Are there policies that an FI employee can refer to?
CR: It is important to draft clear procedures to handle law enforcement requests for supporting documentation. Following uniform procedures ensures that proper records of prior requests are reviewable by those who process future requests for information. Also, tracking and understanding the types of requests for supporting documentation received and from whom they are received may also give an FI’s financial crimes compliance team insights into the type of cases that law enforcement agencies are pursuing.
AT: Does the match need to be current or will it alert on historical inquiries as well?
CR: There are benefits to “match- making,” even when the original request is quite old. Many financial crime schemes are ongoing and unfold or evolve over time, some often taking years of investigation to be fully uncovered. The fresh investigation might be able to leverage the work done in the prior investigation, picking up from where things left off and avoiding duplicative investigative efforts. Perhaps the prior investigation stalled because a key piece of evidence was not available at the time, but the new investigation now holds that missing piece to the puzzle. Do not assume an older investi- gation is a dead end.
AT: What verification policies exist (if any) to confirm these are valid agency requests and/or officers?
CR: It is important to confirm all telephone calls are followed by an email to confirm the request is legitimate and comes from a verifiable law enforcement agency email account. The process by which your FI verifies the legitimacy of inbound requests for information should be included in the relevant written procedures.
Ancillary benefits
Ruzich recognized the benefits of matchmaking were not limited to the relationship between law enforcement agencies. Once the foundation of a law enforcement partnership can be established, it can allow for enduring relationship growth between all involved parties that extend far beyond the subject of a SAR filing. Investing in this public-private relationship may help expedite an FI’s decisions on the most appropriate response path based on the actionable intelligence.
In addition, by adhering to policies and procedures with regard to prior and current dissemination of records, a financial crimes compliance unit may use this information to track the types of SARs that have been requested for information and which law enforcement agencies submit these requests. This may aid the investigations team in identifying current fraud or money laundering schemes and methodologies. By isolating the trend characteristics, an FI may be able to help educate the overall AML community.
In addition, an ACAMS chapter co-chair representative recognized that the absence of a law enforcement decon- fliction program likely increases the volume of work completed by a subpoena compliance section. Record production pursuant to a subpoena is already a voluminous task. By connecting the interested law enforcement parties, the FI may avoid the duplication of record production, thus increasing the effec- tiveness of the subpoena compliance section. The representative stressed the importance of a designated FI coordi- nator to adhere to the dissemination policy guidelines, as well as connect law enforcement officers with shared SAR targets and listed positive 314(a) matches.
Moreover, the ACAMS chapter co-chair representative echoed Ruzich’s feedback and added that by maintaining a log of the FI communication and what documents were originally provided to law enforcement, the institution can readily and knowingly recreate the previously provided material upon a subsequent law enforcement request. By keeping a log of previously provided materials, an FI is in a position to reconcile investigative materials rapidly as well as associate the different investigative law enforcement bodies.
Conclusion
The iconic lyrics of “Matchmaker, Matchmaker” from “Fiddler on the Roof” ring true outside the entertainment industry. “Matchmaker, Matchmaker/Make me a match/Find me a find, Catch me a catch”1 no longer only applies to finding the appropriate suitor for a single female. The coordination efforts of FIs are needed by the law enforcement community to connect with law enforcement counterparts for the goal of catching the targets of investigations both safely and effectively.
Do you have a suggestion on how to improve the deconfliction process? If so, ACAMS Today wants to hear from you!
Interviewed by: ACAMS Today law enforcement contributor, VA, USA, editor@acams.org
Disclaimer: The views expressed are solely those of the author and are not meant to represent the opinion of any employer.
1 “Matchmaker lyrics – Fiddler on the Roof cast,” St Lyrics, https://www.stlyrics.com/lyrics/ fiddlerontheroof/matchmaker.htm
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