SARs and the Governor
Financial institutions often wonder how the SARs and CTRs they file are used. Well, just ask New York Governor Elliot Spitzer. At the time I write this, he's still the governor. But that fact may change very soon.
Mr. Spitzer is caught up in a scandal involving a prostitution ring. How did Mr. Spitzer's name come up? Through the filing of suspicious activity reports. Here's a CBS News article that explains how certain SARs tipped off the IRS about Spitzer's activities. Here's a Credit Union Times article that hits the same topic.
To me, this situation provides a great training opportunity. For front-line staff, management or volunteers who question whether anybody reads SARs or CTRs, the Spitzer situation answers with a resounding yes.
If you want other examples of how CTRs and SARs assist law enforcement, visit this page at FinCEN's website. It contains a long list of examples where BSA filings helped bring down some bad guys. (And gals, I suppose.)