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Bank Secrecy Act The SAR Activity Review By the Numbers, May 2006

BSA/AML, OFAC and Fraud
June 28, 2006


Summary: The Financial Crimes Enforcement Network (FinCEN) has issued the sixth edition (May 2006) of The SAR Activity Review By the Numbers .

Highlights:
  • FinCEN issued the sixth edition of The SAR Activity Review By the Numbers . The report is a compilation of numerical data gathered from Suspicious Activity Reports (SARs) filed by depository institutions, casinos and card clubs, certain money services businesses, and certain segments of securities and futures industries.
  • The SAR Activity Review By the Numbers is generally published twice annually with activity covering two filing periods: January 1 to June 30, and July 1 to December 31. The current edition can be accessed at www.fincen.gov/sar_review_by_the_numbers_issue6.pdf .
  • The SAR Activity Review By the Numbers serves as a companion report to The SAR Activity Review – Trends, Tips & Issues .
  • As of December 31, 2005, over 3.1 million SARs have been filed with FinCEN. Of that total, over 2 million were filed by depository institutions.
  • Bank Secrecy Act/structuring/money laundering continues to be the leading characterization of suspicious activity.
  • A comparison of SAR filing trends between 2004 and 2005 includes: a 41% increase in mortgage loan filings; a 55% increase in consumer loan fraud filings; a 77% increase in false statement filings; and a 35% decrease in computer intrusion filings.

Distribution:
FDIC-Supervised Banks (Commercial and Savings)

Suggested Routing:
Chief Executive Officer
BSA Compliance Officer

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/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).


Additional Related Topics:

  • Bank Secrecy Act/Anti-Money Laundering Programs

Last Updated: June 28, 2006