SAR-MSBSuspicious Activity Report by Money Services Business
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FinCEN's study, Mortgage Loan Fraud Connections with Other Financial Crime, revealed the activities of people reported in depository institution suspicious activity reports (SARs) for mortgage fraud between July 2003 and June 2008 by evaluating three other types of SARs: those filed by money services businesses (SAR-MSB), by securities brokers and dealers or insurance companies (SAR-SF), and by casinos and card clubs (SAR-C).
FinCEN found that suspicious activities of mortgage-loan fraud subjects most often reported in the SAR types reviewed were money laundering and transactions apparently structured to avoid currency transaction-reporting requirements--accounting for 85 percent of SAR-MSBs, 47 percent of SAR-Cs and 28 percent of SAR-SFs.
* Approximately 70 percent of the examined SAR-MSBs described suspicious wire transfers, and 34 percent of those reports described transfers to foreign countries.