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Bank Secrecy Act The Suspicious Activity Report Activity Review , May 2006 Issue

BSA/AML, OFAC and Fraud
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

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/financial-institution-letters/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).


Additional Related Topics:

  • Suspicious Activity Reports
Attachment(s)

Last Updated: June 27, 2006