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Bank Secrecy Act The SAR Activity Review by the Numbers , January 2008 Issue

BSA/AML, OFAC and Fraud
April 10, 2008
Summary: The Financial Crimes Enforcement Network (FinCEN) has issued the ninth edition (January 2008) of The SAR Activity Review By the Numbers . The report can be accessed at: http://www.fincen.gov/sars/sar_by_numb_09.pdf . ( PDF Help )

Highlights:

  • FinCEN has issued the ninth 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, certain money services businesses, casinos and card clubs, and by certain segments of the securities and futures industries.
  • 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. To access the report, visit http://www.fincen.gov/sars/sar_by_numb_09.pdf . ( PDF Help )
  • The SAR Activity Review by the Numbers serves as a companion report to The SAR Activity Review - Trends, Tips & Issues .
  • As of June 30, 2007, over 4.8 million SAR forms had been filed with FinCEN. Of that total, over 3.1 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 for the first six months of 2007, over the corresponding period in 2006, includes a 58 percent increase in Check Kiting, a 35 percent increase in Mortgage Loan Fraud, and a 19 percent increase in Terrorist Financing.

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: http://www.fdic.gov/news/financial-institution-letters/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).



Additional Related Topics:

  • Bank Secrecy Act/Anti-Money Laundering
  • Programs

Last Updated: April 10, 2008