By PAUL O’DONOGHUE, Senior Correspondent
THE belief among senior banking officials that suspicious activity reports (SARs) are ineffective is false, according to Dutch Chief Public Prosecutor Michiel Zwinkels.
He said investigators often rely on SARs to understand criminal operations. “Banks are very critical of the fact that they have to report so many unusual transactions: that would lead to nothing. That is a misconception,” he told NRC. “Reports do not always lead to a criminal investigation, but they are incredibly important to gain insight into the ecosystem.”
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