Suspicious activity reports on the rise
WASHINGTON, DC – The level of suspicious activity reports (SARS) is gradually rising, and filing firms are becoming more proactive, according to recent findings from the Financial Action Task Force (FATF), published in April.
According to the FATF report, 546 SARs were filed in the second quarter of 2004 – the latest data available. Some 1,014 of the reports filed between April 2003 and June 2004 were filed by 177 depositary institutions in 46 states, Puerto Rico, Guan and the UK. Just two firms were responsible for filing some 38% of those SARs.
A total of 1,116 reports were filed by money service businesses, while the securities and futures industry filed a mere 31 reports. Broker-dealers based in New York and
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