WASHINGTON (4/23/15)--Statistics on Suspicious Activity Reports (SARs) were released Wednesday by the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). SAR Stats includes SARs filed through March 31 by financial institutions.
From FinCEN's SAR Stats, a list of the most common payment mechanism in SARs.
The reports cover depository institutions, as well as entities such as money services businesses, insurance companies and casinos.
Items of note from the depository institutions section include:
A total of 213,280 SARs have been filed in 2015. In 2014, 886, 927 were filed;
The top five suspicious activity types are: multiple transactions below the $10,000 currency transaction report threshold (10.94%), suspicion about the source of the funds (10.49%), transactions with no apparent business or lawful purpose (6.01%), transactions out of a consumer's pattern (5.76%) and suspicious use of multiple locations (5.76%);
The National Credit Union Administration has filed 20,345 SARs this year, the second lowest amount among federal regulators;
Credit and debit cards account for the vast majority of product types involved in filings, with 25,153 and 16,841 respectively. The next lowest specified product type involves residential mortgages, at 5,801; and
U.S. currency is the leading payment mechanism involved in SARs, with 97,627. The next lowest are funds transfers (40,505), personal and business checks (39,114) and bank and cashier's checks (13,085).
The quarterly reports succeed the previous The SAR Activity Review: By the Numbers, which was issued by FinCEN once or twice per year, from October 2003 to May 2013. Statistics covering the previous 12 months of activity are released around mid-year.