Boston, August 22, 2018 – The staggering volume of suspicious activity reports data may seem unapproachable. But with its 2013 update to the U.S. SAR Form 111, the Financial Crimes Enforcement Network introduced common fields for eight industry categories, allowing the identification of cross-sector trends as well as comparisons between organizations in the same category. Can comparing an organization’s SAR statistics to those of the industry as a whole help to prepare the organization for examinations and increase its anti-money laundering program’s effectiveness?
This report overviews SAR data collected by FinCEN between 2014 and 2016 and examines SAR information across a variety of categories (types of filers, instruments, suspicious activities, and relationships) to help filers compare their SAR activities to industry SAR data and to provide all organizations and stakeholders with indicators for AML resource investment.
This 31-page Impact Note contains seven figures and nine tables. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.