The newest edition of this Bi-annual report generated from FINCEN is now available. Issue 16 gives a detailed summary of the following:
- Mortgage loan fraud
- Trends and benefits of BSA E-Filing system
- Analysis of SAR inquiries
- Law enforcement cases
- Suggestions for filing a SAR
- What’s new for auditing the AML program
This issue’s Law Enforcement section focuses on SARs filed due to structured transactions. These structures were not completed by the members one may typically scrutinize. Doctors, lawyers and business owners are some of the top professionals performing these transactions. They deal with large amounts of money on a regular basis and they also have the knowledge of the government financial requirements. It is sometimes hard to train our minds to expect impropriety from a respected individual such as a doctor, but that is how our front line staff needs to think. We need to train our staff to flag these accounts as high risk and monitor them accordingly.
Read Issue 16 to learn more about the BSA Advisory Group’s findings.