Saturday, July 20, 2024

FinCEN releases BSA data for past year

The Financial Crimes Enforcement Network received approximately 4.6 million suspicious activity reports in fiscal year 2023, for an average of 12,600 reports a day, the agency said last week in its year-in-review report.

The report provides an overview of FinCEN’s collection and use of Bank Secrecy Act data, including its work with law enforcement and national security agencies. Among other things, the report shows that more than half of SARs filed in FY 2023—some 2.5 million reports—came from depository institutions. The agency also received 20.8 million currency transaction reports in that same time frame, for an average of 57,000 reports a day.

How can our bankers use this information? Take a look at the number of SARs filed by depository institutions for fraud – 2022 totaled 1.398 million, 2023 totaled 1.753 million.  If your bank is struggling with fraud related loss, please contact OBA’s Fraud Division at sharon@oba.com to discuss mitigation options or education assistance.