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Leading Reasons for SARs
It is no surprise that the leading cause for filing SARs is suspected money laundering. But what is the second most common topic of SARs?
According to information released by FinCEN in May, 1998, money laundering accounts for almost 40% of the SARs filed. Check fraud comes in second at 15.7%. This makes Regulation CC compliance important because there are clearly many occasions when the bank should be placing holds. Add to the check fraud category the crimes of counterfeit checks (4.6%) and check kiting (5.1%) and the issue of placing holds to protect the bank is clearly a high priority. With approximately a quarter of all suspected crimes involving checks, the issues of Know Your Customer and Regulation CC should be a priority in your bank.
Copyright © 1998 Compliance Action. Originally appeared in Compliance Action, Vol. 3, No. 11, 8/98
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