SAR

We’re not sure if this qualifies as closing the barn door after the horses are gone, but we’ll leave that to you to decide.

A former official with Chase Bank has been found guilty of disclosing the existence of a suspicious activity report (“SAR”) filed with federal officials, and then soliciting thousands of dollars in bribes to help the borrower deal with a possible criminal investigation related to the illegally disclosed SAR. 

The number of mortgage fraud suspicious activity reports (“SARs”) filed last year grew four percent compared with the number of mortgage fraud SARs filed in 2008, according to a study that has just been released by the Financial Crimes Enforcement Network (“FinCEN”). FinCEN also reported that just looking at the fourth quarter of 2009, mortgage fraud SAR filings increased six percent over the same period in 2008. 

The Financial Crimes Enforcement Network (“FinCEN”) today released its 14th edition of the “SAR Activity Review – By The Numbers,” which covers suspicious activity reports (“SARs”) filed in 2009. The report shows that the total number of all SARs filed by financial institutions declined from 1.29 million in 2008 to 1.28 million in 2009.

A report released today by the Financial Crimes Enforcement Network (“FinCEN”) shows a continuing increase in suspicious activity related to possible mortgage loan fraud.

Suspicious Activity Report (“SAR”) filings for the first six months of 2009 indicating suspected Mortgage Loan Fraud remain at a historically high level, according to a report released today by the Financial Crimes Enforcement Network ("FinCEN"). Moreover, activities involving suspected check fraud, including traveler's checks and counterfeit checks, show significant increases in 2009 across all of the industries required to file SARs.

Today, Financial Crimes Enforcement Network (“FinCEN”) Director James H.

A new report from the Financial Crimes Enforcement Network (FinCEN) indicates that financial fraud is continuing to blossom. The report shows a continued overall rise in Suspicious Activity Report (SAR) filings including an increase in depository institution filings related to all seven areas of suspected fraud listed on the SAR form. These seven areas, out of a total of 20 different violation types tracked, accounted for nearly half of the increase in total SAR filings from 2007 to 2008, with all of the fraud categories seeing double digit increases in percentage of filings in 2008.