Banks tip off government to possible money laundering, fraud
By Thomas FrankUSA TODAY
The Treasury Department's database now contains records of more than 100 million financial transactions going back to at least 1996, said network spokesman Steve Hudak.
The number of suspicious activity reports soared from 413,000 in 2003 to 1 million in 2006, according to the enforcement network.
The analysis can protect customers by spotting unusual withdrawals that may indicate fraud, said Robert Rowe, senior regulatory counsel of the Independent Community Bankers of America.
Hudak said the "vast majority" of reports "are filed for a good reason. … There are law enforcement officials and investigators who use these reports and read them every day."