Posted on December 21, 2006 by DWT

FinCEN Publishes Updated SAR Statistics

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Posted by Peter Mucklestone and Kevin Tu

The Financial Crimes Enforcement Network (FinCEN) recently published the seventh issue of the SAR Activity Review – By the Numbers. The publication compiles and updates numerical data gathered from all suspicious activity reports (SARs) filed with FinCEN. The most recent compilation covers the over 3.6 million SARs filed with FinCEN on or before June 30, 2006. Depository institutions, certain money services businesses, casinos and card clubs, and certain segments of the securities and futures industries must file SARs with FinCEN.   A review of the compiled data highlights certain statistics and general observations with respect to each type of SARs filing, as follows:

SARs Filed by Depository Institutions   

  • Since April 1, 1996, depository institutions have filed 2,473,064 SARs.  
  • The number of “Consumer Loan Fraud” SARs filed during the first six months of 2006 increased 94% from the corresponding period in 2005.   
  • The number of “False Statement” SARs filings during the first six months of 2006 increased 75% from the corresponding period in 2005.     
  • The number of “Mortgage Loan Fraud” SARs filings during the first six months of 2006 increased 51% from the corresponding period in 2005.  
  • The number of “Bribery/Gratuity” SARs filings during the first six months of 2006 decreased 56% from the corresponding period in 2005.  

SARs Filed by the Money Services Business

  • Since the October 1, 2002, money services business filers have submitted 1,165,804 SARs. 
  • The number of SARs filed by money services businesses during the first six months of 2006 increased 52% from the same period in 2005.  
  • Money services business filers identified money transfers as the most common type of financial service involved in suspicious activity. 
  • During the first six months of 2006, suspicious activity characterized as “Same individual(s) using multiple locations over a short period time period” increased 138% from the same period in 2005.  
  • In the first six months of 2006, suspicious activity characterized as “Comes in frequently and purchases less than $3,000” increased 94% from the same period in 2005. 

SARs Filed by Casinos and Card Clubs

  • Since August 1, 1996, casinos and card clubs have filed 25,137 SARs.  
  • The number of SARs filings by casinos and card clubs during the first six months of 2006 increased 14% from the same period in 2005.  
  • State-licensed casinos submitted 68% of all SARs filed by casinos and card clubs during the first six months of 2006.   
  • During the first six months of 2006, suspicious activity characterized as “Credit/debit card fraud (incl. counterfeit)” increased 438% from the same period in 2005.  

SARs Filed by the Securities and Futures Industries

  • During the first six months of 2006, securities and futures industries filers submitted 20,821 SARs.
  • The number of SARs filings by securities and futures industries filers during the first six months of 2006 increased 18% from the same period in 2005.  
  • During the first six months of 2006, suspicious activity characterized as “Wash or other fictitious trading” increased 204% from the same period in 2005. 
  • During the first six months of 2006, suspicious activity characterized as “Prearranged or other non-competitive trading” increased 195% from the same period in 2005.  

            Issue 7 of the SAR Activity Review – By the Numbers and numerical data in Excel format can be found on the FinCEN website. 
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