“The unit is developing new methods to get financial data, Ms. Walsh says. Big banks used to report a great deal of data, such as bank-account holdings, in hard copy. In recent months, members of Ms. Walsh’s group have been pressuring banks to supply the data in computer-readable format. That can make it easier to detect frauds such as Ponzi schemes, SEC officials say, since it lets investigators track cash flows and see whether firms are actually investing the cash.”
via Meet the SEC’s Brainy New Crime Fighters – WSJ.
The SEC is just now requesting data from the companies it monitors in “computer-readable format”? Well, at least they know about computers.
It is moments like this when you realize how not serious we are about regulation.
It might be impressive when regulators start to use Big Data.