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Financial Institution Letters

Bank Secrecy Act
The Suspicious Activity Report Activity Review, May 2006 Issue
FIL-55-2006
June 27, 2006


Summary: The tenth (May 2006) issue of The SAR Activity Review – Trends, Tips, & Issues, published by the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN), is now available.

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).




Last Updated 06/27/2006 communications@fdic.gov