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Washington
SAR half-year mark at six million
WASHINGTON (1/15/08)—The Financial Crimes Enforcement Network (FinCEN) Wednesday released its twice-annual data on Suspicious Activity Report (SAR) filings, which showed more than 6 million SARs had been filed in 2008 by June 30. Of that amount, FinCEN said 62%--or 3.7 million—were filed by credit unions and all other depository institutions. The FinCEN report, called “The SAR Activity Review – By the Numbers,” said that the Bank Secrecy Act-structuring-money laundering continued to be the leading characterization of suspicious activity by depository institutions. It noted that the first two quarters of 2008 reiterated a continued upward trend of mortgage loan fraud and identity theft. Mortgage loan fraud SARs, FinCEN reported, increased by approximately 40%, consumer loan fraud filings increased 35%, and wire transfers fraud SARs increased 87% compared to the corresponding six-month reporting period in 2007. 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. It is a companion report to “The SAR Activity Review – Trends, Tips & Issues.” Use the resource link below to read report details.
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