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Monthly SAR report zeros in on debt relief fraud
Vienna, Va. (10/14/10)--Among a scattershot of articles featured in its 18th monthly review of suspicious activity, the Financial Crimes Enforcement Network (FinCEN) offered analysis of Suspicious Activity Reports (SARs) by depository institutions that addressed “debt relief” and “debt settlement.” FinCEN credited depository institutions with becoming more aware of such fraudulent practices and noted that, while only two SAR reports on debt settlement activities were filed in 2006, 42 were filed in just the first half of 2010. In all, from January 2006 through June 2010, financial institutions filed 115 SARs totaling $135 million related to fraudulent debt. Use the resource link below to read more on the types of fraud uncovered and what tipped it off. Also of interest to some credit unions, Section IV of the monthly report features an article geared toward compliance officers, and called “Helping Your Board of Directors to Understand the Value of BSA Information.”
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