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SAR Activity Review, By the Numbers - Issue 6

FinCEN released Issue 6 of "By the Numbers" in May, 2006. This is published twice a year and has data on Suspicious Activity Report filings from different parts of the industry. For depository institutions this data goes back to 1996. It also has numbers from casinos, card clubs, certain money service businesses and securities and futures filers.

Here are some highlights:

Depository institutions saw the largest number of SARs filed since these compilations began nearly ten years ago.

Filer20042005Chg No. Chg. % Depository Inst.381,671 522,655140,984 37% MSB296,284383,56787,283 29% Casino5,7546,072318 6% Securities5,7056,9361,231 22%

This chart reflects the total SARs filed in 2005, by industry segment. Depository institutions filed 57% of 2005 SARs, MSBs 42% and 1% was between Casino and the Securities segments.

Depository institutions averaged 43,555 per month, and 1,452 per day.

SAR filings rose 37% from 2004 to 2005 for depository institutions. MSBs also saw an increase of 29% with 383,567 SARs. Casino and Securities filers also saw increases but pale in comparison as these two categories combined filed 13,008 SARs for the year.

What triggers these SARs?

  • BSA/structuring/AML activities continue to be the main reason for filing a SAR.
  • Consumer Loan Fraud increased 55% over 2004.
  • Mortgage Loan Fraud increased 41% over 2004.
  • Computer Intrusion decreased 38% since 2004.
  • MSBs report money transfers as their most frequent reason, and
  • MSBs report structuring to avoid CTR filings increased 102% over 2004.

The SAR Activity Review, By the Numbers - Issue 6 is available on the FinCEN website.

Excerpted from SAR Activity Review, By the Numbers Issue 6

First published on 11/01/2003

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