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

BSA/AML, OFAC and Fraud
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

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: June 23, 2008