FinCEN released the latest SAR Activity Review – By the Numbers, with details on SAR filings for January 1, 2010 – December 31, 2010. The key findings compare reporting in 2010 to previous 12 months of 2009:
- Overall SAR filings increased 3.5%
- Non-depository institutions comprised roughly half of the reports filed (an increase of 12%)
SAR filings by money service businesses on the whole increased 10% in 2010
Finding specific to Money Service Businesses (MSBs):
- SAR filings by MSBs on the whole increased 10% in 2010
- “Individual using multiple or false identification documents” was the only activity that saw a decrease; dropping 16%
- MSBs reported that money transfer and money orders were the leading type of serviced related to SAR reporting. Accounting for 96% of services reported.
- Reports on money transfers increased 23% in 2010, compared with 2009.
- Other financial services declined
- Money orders reports dropped 3%
- Traveler’s checks, down 71%
- Other financial services declined
Looks like you should watch out specifically for money transfer transactions, where an individual returns frequently and / or to multiple locations!
For free information on SARs and government compliance contact AllTrust Networks at 1-866-280-1679, or visit us online to learn more.
