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SARs are strictly confidential. They are required when a transaction appears suspicious, for example, if it appears to involve money laundering or corruption, the ICIJ said. He said a SAR was not an indictment, but a way to alert government regulators and law enforcement to irregular activities and possible crimes.
“As required by such legislation, and as a responsible corporate citizen, the bank submits SARs to help maintain the integrity of the global financial system,” Standard Bank said in a statement.
The bank said it diligently monitored customer transactions and fulfilled its obligations to report any suspicious transactions to the relevant authorities. The bank said that it complied with the legislation and recommendations contained in the Financial Intelligence Center Law and that it has an obligation to report suspicions of money laundering or related criminal activities.
“By law, Standard Bank cannot comment on SAR filings or other regulatory disclosures of this nature,” it said.
The bank referred to a statement issued by FinCEN, where it said it was aware that various media outlets intended to publish a series of illegally disclosed SAR-based articles, as well as other sensitive government documents, from several years ago. years.
“As FinCEN has previously stated, unauthorized disclosure of RAS is a crime that can affect US national security, compromise law enforcement investigations, and threaten the safety of the institutions and individuals who submit such reports,” he said. .
FinCEN said in a statement that it has referred the matter to the US department of justice and the department of the US Treasury inspector general’s office.
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