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Financial Institution Letters

Bank Secrecy Act
The SAR Activity Review by the Numbers, May 2008 Issue
FIL-55-2008
June 23, 2008


Summary: The Financial Crimes Enforcement Network (FinCEN) has issued the tenth edition of The SAR Activity Review By the Numbers. The report includes information through year-end 2007.

Highlights:

  • FinCEN has issued the tenth edition of The SAR Activity Review By the Numbers. The report compiles numerical data gathered from Suspicious Activity Reports (SARs) filed primarily by depository institutions. SAR data are also compiled for certain segments of the following industries: insurance, securities and futures, money services businesses, as well as casinos and card clubs.
  • As of December 31, 2007, over 5.4 million SAR forms had been filed with FinCEN. Of that total, over 2.8 million were filed by depository institutions.
  • The SAR Activity Review By the Numbers is published twice annually covering two filing periods: January 1 to June 30, and July 1 to December 31. The report can be accessed at: http://www.fincen.gov/news_room/rp/files/sar_by_numb_10.pdf. 267K (PDF Help)
  • The SAR Activity Review By the Numbers is a companion report to The SAR Activity Review - Trends, Tips & Issues.
  • Bank Secrecy Act/Structuring/Money Laundering continues to be the leading characterization of suspicious activity by depository institutions, increasing 15 percent from 2006.
  • Mortgage loan fraud SARs have increased significantly with an annual rate of approximately 40 percent.
  • A comparison of SAR filing trends for 2006-2007 indicated a 42 percent increase in false statement filings, and a 19 percent increase in consumer loan fraud filings. Reported instances of terrorist financing decreased 7 percent in 2007, maintaining the downward trend since 2004.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Related Topics:
Bank Secrecy Act/Anti-Money Laundering
Programs

Attachment:
None

Contact:
Anti-Money Laundering Specialist Marie Edwards at
SASFIL@FDIC.gov or (202) 898-3673

Printable Format:
FIL-55-2008 (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at: http://www.fdic.gov/news/news/financial/2008/index.html .

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 3501 Fairfax Drive, Room E 1002, Arlington, VA 22226 (1-877-275-3342 or 703-562-2200).




Last Updated 6/23/2008 communications@fdic.gov