Suspicious payments in cash and cryptocurrency drove Bank Secrecy Act-related regulatory filings to record levels last year amid the continued fallout of the novel coronavirus pandemic, federal data shows. Banks, money services businesses, insurance firms, broker-dealers and other financial institutions filed more than 3 million suspicious activity reports, or SARs, in 2021, half-a-million more than they submitted to the Treasury Department's Financial Crimes Enforcement Network the previous year. More than 550,000 SARs that FinCEN received in 2021 flagged suspected attempts to structure or intentionally move cash below the $10,000 threshold that triggers a currency transaction report, or CTR, marking a...
The Financial Crimes Enforcement Network announced that the filing trend data compiled from suspicious activity reports filed between Jan. 1, 2014, and Dec. 31, 2021, is now available on its Interactive SAR Stats webpage.
print