FinCEN Issues 11th SAR Activity Report

If you ever thought that when you file a Suspicious Activity Report (SAR) that it is filed away with the other SARs, think again. SARs are an important and valuable part of the Bank Secrecy Act (BSA) data that law enforcement uses to build criminal cases. Financial institutions can read more on the enforcement actions taken by law enforcement in the latest edition of the SAR Activity Review.

The Financial Crimes Enforcement Network (FinCEN) has issued the eleventh edition (May 2007) of The SAR Activity Review - Trends, Tips & Issues. Some important topics covered in this edition include law enforcement cases descriptions, articles on BSA's effect on the insurance industry, debt elimination schemes, and the broad value and utility of BSA data.

FinCEN Director James Freis also noted in the report's introduction that the establishment of the FinCEN's Office of Outreach Resources and its mission of providing support to institutions subject to Bank Secrecy Act requirements through the development of BSA guidance, outreach, training and education. "This Office is responsible for coordinating and supporting the work of the BSA Advisory Group (BSAAG) which is a model forum through which the industry, regulators and law enforcement community not only share ideas on issue of mutual interest, but which also enables us to collaborate on how best to reach mutually agreed upon resolutions," Freis wrote.

The current issue of the FinCEN publication can be accessed at SAR Activity Review Issue 11 .


About the Author

Linda McGlasson

Linda McGlasson

Managing Editor

Linda McGlasson is a seasoned writer and editor with 20 years of experience in writing for corporations, business publications and newspapers. She has worked in the Financial Services industry for more than 12 years. Most recently Linda headed information security awareness and training and the Computer Incident Response Team for Securities Industry Automation Corporation (SIAC), a subsidiary of the NYSE Group (NYX). As part of her role she developed infosec policy, developed new awareness testing and led the company's incident response team. In the last two years she's been involved with the Financial Services Information Sharing Analysis Center (FS-ISAC), editing its quarterly member newsletter and identifying speakers for member meetings.




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