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ANALYSIS: Today’s SARs reforms are Christmas come early for US banks; cuts costs, bins ineffective red flags

Premium October 9, 2025

RELIEF: Bank of America chief Brian Moynihan was one of those calling on the US administration to cut red tape.

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LATEST: Sarah Paquet, head of Canada’s AML watchdog FINTRAC, steps down

LATEST: UK launches information appeal for 12 fugitives wanted for fraud, money laundering

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NEWS: Federal judge blocks US sanctions against UN expert on Palestinian territories 

By PAUL O’DONOGHUE, Senior Correspondent

THE reform of SARs announced today by the U.S. Treasury is one of the biggest updates to the system in years.

Banks have been crying out for a way to cut down on filings. They argued that the system is both costly for financial incisions, and ineffective, often unfairly flagging transactions that authorities do not need to investigate.

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Premium

LATEST: Sarah Paquet, head of Canada’s AML watchdog FINTRAC, steps down

LATEST: UK launches information appeal for 12 fugitives wanted for fraud, money laundering

 Premium

NEWS: Federal judge blocks US sanctions against UN expert on Palestinian territories 

Regulatory Watch News

  • UNODC unveils new legal tools to combat migrant smuggling worldwide

    UNODC

    As global migration continues to surge, so does the shadow economy of migrant smuggling. In response, the United Nations Office on Drugs and Crime (UNODC) has launched two legislative resources aimed at helping countries strengthen their legislative frameworks and better align with international standards to combat this transnational crime. The new Legislative Guide and Model Legislative Provisions are designed to assist governments in reviewing, reforming and implementing laws that target migrant smuggling — an illicit industry that endangers lives, fuels corruption and often intersects with other crimes such as human trafficking and money laundering.

  • Cybercrime Squad detectives charge trio alleging using scam money to purchase gold bullion

    Australia Federal Police

    NSW Police Cybercrime Squad detectives, with the assistance of the AFP-led Joint Policing Cybercrime Coordination Centre (JPC3), have charged three people and seized gold bullion following an investigation into an alleged $600,000 email scam under Strike Force Downstream. Strike Force Downstream is an ongoing investigation by State Crime Command’s Cybercrime Squad, investigating matters referred by the JPC3. In May 2026, JPC3 analysts and industry partners – as part of JPC3 Operation Dolos – obtained evidence of a 20-year-old woman allegedly purchasing $100,000 worth of gold bullion on five occasions within a two-week period.

  • FINTRAC imposes an administrative monetary penalty on 13010431 Canada Inc.

    FINTRAC

    FINTRAC announced today that it has imposed an administrative monetary penalty on 13010431 Canada Inc., also operating as Necosmart. Following a compliance examination, this money services business in Edmonton, Alberta, was imposed an administrative monetary penalty of $693,742.50 on March 27, 2026, for non-compliance with Part 1 of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act and associated Regulations.

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