Question of the Week: SAR Filing Data

Posted: Nov 1, 2024 | Author: Cornerstone Compliance Team

Stats Suspicious Activity Reports (SARs) Trends Trends

Question:

I realize there is no specific number of Suspicious Activity Reports (SARs) a financial institution must file, but it does seem like the number of SARs we file has increased over the last several years. Is this the norm?

Answer:

Yes. The Financial Crimes Enforcement Network (FinCEN) recently added Filing Trend Data by industry through the 2023 calendar year to its Interactive SAR Stats website. The data comprises the past 10 years and includes ranking by states, type of suspicious activity, product type, etc.