On January 22, the Financial Crimes Enforcement Network (FinCEN), a department of the U.S. Treasury, issued its 13th edition of The SAR Activity Review – By the Numbers. SARs are suspicious activity reports that must be filed by numerous entities in the financial sectors, including insured depository institutions.
For insured depository institutions, this report is a compilation of statistical data gathered from SARs filed between April 1, 1996, and June 30, 2009. For other institutions, such as casinos and money services businesses, this report compiles relevant statistical data from the date of initial required reporting until June 30, 2009.
Interestingly, the report notes the following: (1) in the first six months of 2009, the total volume of SARs increased 9% compared to the same six-month period in 2008; (2) non depository institution SARs comprised 43% of all SARs filed, a number that is unchanged from the same six-month period in 2008; and (3) SARs related to mortgage fraud continue to rise.
For more information and the full text of the report, click here.