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Growth in SAR Filings Slows as Banks Gain Understanding of What’s Reportable
By Matt Squire
printThe growth in suspicious activity reports (SARs) submitted to the Treasury Department slowed last year as financial institutions became more confident with the filing process, according to the Financial Crimes Enforcement Network (FinCEN). SARs filed by banks and other financial institutions rose 19 percent to more than 1 million in fiscal 2006, according to FinCEN's annual report released Monday. That compares with a 32 percent increase in 2005 and a 61 percent increase in 2004, according to FinCEN data. The growth in annual SAR filings appears to be leveling off because financial institutions have learned what regulators are looking for...
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