Highlights:
- On May 31, 2006, FinCEN released the tenth edition of The
SAR Activity Review – Trends, Tips & Issues. This issue focuses
on the money services business (MSB) industry.
- Article topics include the use of Suspicious Activity Reports
(SARs) to detect unregistered MSBs and guidance on registration
and deregistration of a business as an MSB.
- This issue also identifies current trends in mortgage loan fraud,
as well as filing activity and detection of unlicensed/unregistered
MSBs.
- Law enforcement cases based on SARs and other Bank Secrecy Act
data are highlighted. Cases focus on multiple types of
illicit financial activity.
- Guidance on SAR preparation and filing is also provided.
- The current edition of The SAR Activity Review can be found
at: http://www.fincen.gov/sarreviewissue10.pdf.
- Further information about FinCEN, including previous issues
of The SAR Activity Review, is available at www.fincen.gov.
- Please distribute this information to the appropriate personnel
in your institution.
Distribution:
FDIC-Supervised Banks (Commercial and Savings)
Suggested Routing:
Chief Executive Officer
BSA Compliance Officer
Related Topics:
Suspicious Activity Reports
Attachment:
None
Contact:
Review Examiner Debra Novak, Division of Supervision and Consumer Protection,
at SASFIL@FDIC.gov or (202) 898-3673
Printable Format:
FIL-55-2006
- PDF 37k (PDF Help)
Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/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, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or 703-562-2200).
