Annual report: BSA reporting over 18 million

WASHINGTON (12/30/08)—The 2008 annual report of the Financial Crimes Enforcement Network (FinCEN) shows Bank Secrecy Act (BSA) reporting through October was up from the previous year with slightly more than 18 million reports filed. That is up from 17.9 million in FY 2007.

The number of Suspicious Activity Reports, Reports of Foreign Bank and Financial Accounts, Registrations of Money Services Business, and Reports of Cash Payments Over $10,000 Received in a Trade or Business all rose from the numbers filed during the previous fiscal year, according to FinCEN. The number of Currency Transaction Reports and Designations of Exempt Persons filed declined slightly.

The reports are filed by a range of financial industry sectors, including credit unions and other depository institutions, securities broker-dealers, mutual funds, futures commission merchants, money services businesses and more.

The FinCEN report also highlights its accomplishments in areas such as simplifying CTR exemption requirements, gathering feedback from affected sectors on the impact of hew and revised regulations, among other initiatives. The annual report also reiterates the value of BSA reporting to the country's law enforcement goals.

To read more, use the resource link below to access the report.

Resource Links

FinCEN Annual Report