The financial system in the South has made important strides in the last ten years, especially in the quality and efficiency of banking, thanks in part to the involvement of banks based in the Centre and North. On a risk-adjusted basis, the difference between the cost of credit in the South compared with that in the Centre and North has almost vanished.
Examiners are not doing this to count the number of SARs and CTRs, to compare their findings against other institutions, or to base any criticisms solely on a numerical count, but rather to make sure, for example, that the bank or U.S. branch of a foreign bank understands its obligations in this critical area and has taken steps to fulfill its responsibilities by filing timely and accurate reports with law enforcement and bank regulators.