FinCEN publishes SAR Analysis

On April 2, 2008, the Financial Crimes Enforcement network, FinCEN, issued a detailed report for the insurance industry.

The Report titled An Assessment of Suspicious Activity Report Filings; April 2008, reviewed Suspicious Activity Report (SAR) filings in the industry. FinCEN’s document verifies that the majority of SAR filings in the insurance sphere are for money laundering. It highlights key findings of an assessment that was conducted in one-year period from May 2, 2006 to May 1, 2007 by insurance companies as regards suspected money laundering and other financial crimes.

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