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But the same leaks also show that banks frequently filed a SAR months after the transaction had taken place, and sometimes multiple times on the same client without anyone seemingly taking any action. This means, on a basic level, the reporting system is functioning. These leaks also differ from previous bank leaks such as the Panama Papers in a crucial way: They are a snapshot into financial crime that banks are openly reporting to the authorities. The small sample means that it is hard to infer much about the overall state of money laundering from what was released, and because these were SARs that had already piqued the authoritiesвЂ™ attention, it is not surprising that they detail some pretty bad behavior. By the mediaвЂ™s account, it is a list of reports assembled during congressional investigations into RussiaвЂ™s efforts to interfere in the 2016 election, as well as several other law enforcement investigations. The cache of 2,100 reports that reporters got their hands on is just a small sliver of the roughly 12 million SARs FinCEN has received since 2011. SARs are one of the primary means through which вЂњfinancial intelligence unitsвЂќ such as FinCEN monitor the financial system, relying on the private sector to sound the alarm when something is amiss.

Banks might also be more likely to report on transactions involving unclear sources and beneficiaries, or those connected to jurisdictions with a history of financial crime.Д«anks and a few other regulated industries file roughly 2.2 million of these every single year. One common sign of suspicion is one in which a client attempts to avoid attention from the authorities by making several deposits below $10,000, which is an automatic reporting threshold. There are no hard rules on what constitutes a suspicious transaction and so banks may rely on a number of criteria. A SAR usually contains basic information about the client and transaction, as well as a short narrative written by those at the bank in charge of worrying about financial crime.

In the U.S., when a bank spots a client or a transaction that raises suspicion, they are required to file a suspicious activity report (SAR) and submit it to FinCEN. Treasury tasked with keeping tabs on and combating money laundering. The files in question were reports collected from banks by the Financial Crimes Enforcement Network (FinCEN), the arm of the U.S. The leaks provide a small snapshot of the US governmentвЂ™s attempts to keep tabs on financial crime And the stories are likely to keep coming. He received his doctor of philosophy in finance from the Graduate School of Business at Stanford University.Since then, the newspapers have been abuzz with stories of wrongdoing, the stocks of several international banks have tanked, and even former presidential contenders Elizabeth Warren and Bernie Sanders have weighed in. Professor Richardson completed both his bachelor and master degrees in economics concurrently at the University of California at Los Angeles.

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He recently coedited two books on the financial crisis titled, Restoring Stability: How to Repair a Failed System (Wiley, 2009), and, Regulating Wall Street: The Dodd-Frank Act and the New Architecture of Global Finance (Wiley, November 2010), and is a co-author of, Guaranteed to Fail: Fannie Mae, Freddie Mac and the Debacle of Mortgage Finance (Princeton University Press, March 2011). He was an associate editor of the Journal of Finance, Review of Financial Studies and Journal of Financial and Quantiative Analysis. His research has been published in the American Economic Review, the Journal of Finance, the Review of Financial Studies, and the Journal of Financial Economics, among other places.

Professor Richardson has done research in many areas of finance, including both theoretical and empirical work. In addition, he is a Research Associate of the National Bureau of Economic Research.

Prior to being at NYU, Professor Richardson was an Assistant Professor of finance at the Wharton School of the University of Pennsylvania. Stern School of Business at New York University. Simon Professor of Applied Economics in the Finance Department at the Leonard N.