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June 14, 2007
Suspicious Activity Reports - What Are the Trends?
FinCEN has released Issue 11 of The SAR Activity Review - Trends, Tips & Issues. Highlights of this issue include an article on Debt Elimination Schemes as a reportable suspicious activity; information about unregistered money service businesses (MSBs) and BSA Compliance; discussion of money laundering and suspicious activities in the insurance industry; short reports of successful law enforcement proceedings resulting from SARs; and a great summary of questions from FinCEN's Regulatory Helpline which can be very informative about how to fill out SARs.
Financial Institutions in California (1,986), Texas (632), and Florida (588) filed the most number of SARs.
Link: http://www.fincen.gov/sarreviewissue11.pdf
(ag) June 14, 2007, in BSA/AML
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