What’s Showing up in BSA?

As we are ending February, we are entering into prime time tax refund season. The activity on the Bank Secrecy Act report has soared due to these transactions. Although they may seem like an expected transaction for this time of year, it doesn’t mean they are all legitimate.  

When the tax refund posts to an account as an ACH, it may seem like normal business. In FinCEN’s, The SAR Activity Review (Issue 14), a $13.1 million tax fraud conspiracy was analyzed. The fraudulent transactions were posting to accounts as an ACH tax refund. Click here to read more on this case.

In short–expect to see tax refunds over the next few months, but don’t let your guard down.


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