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Washington
FinCEN Mortgage fraud connected to other crimes
VIENNA, Va. (3/17/09)--The Financial Crimes Enforcement Network (FinCEN) Monday released a report showing a connection between those reported under the Bank Secrecy Act (BSA) of suspected mortgage loan fraud and possible involvement in other financial crimes. "This study analyzes the possible interrelationship of illicit activity occurring across different financial sectors,” said FinCEN Director James Freis in a release accompanying the report. “Criminal actors may attempt to exploit any vulnerability to commit fraud and launder money through a range of financial institutions," he said, and added, "The interconnected nature of suspicious activity across multiple financial sectors covered by FinCEN's Bank Secrecy Act (BSA) regulations underscores the immense value of combining insights from the different sectors for the purpose of detecting and thwarting criminal activity." Those reported through financial institution’s Suspicious Activity Reports (SARs) for possible mortgage fraud may also be involved in such illegal activities as check fraud, money laundering, stock manipulation, structuring to avoid currency transaction reporting requirements, FinCEN said. From depository institution Suspicious Activity Reports (SARs), FinCEN identified approximately 156,000 mortgage fraud subjects, and found that 2,360 were reported for suspicious activity in 3,680 of the other SAR types. The agency noted that, through SARs, it had identified approximately 156,000 mortgage fraud subjects, and found that 2,360 were reported for suspicious activity in 3,680 of the other SAR types. In 2009, FinCEN is conducting additional analyses to examine the relationship between mortgage loan fraud and other financial fraud, and will further explore reported activities, locations, and subjects. FinCEN Summary of Report Results http://www.fincen.gov/news_room/nr/html/20090316.html FinCEN Report http://www.fincen.gov/news_room/rp/files/mortgage_fraud.pdf
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