FinCEN recently reported that 19,934 mortgage loan fraud SARs were filed during the third quarter of 2011, representing a 20-percent increase over 2010’s third-quarter total and 10 percent of all SARs filed during the quarter.
The unauthorized disclosure of a SAR is a violation of federal law, and both civil and criminal penalties may be imposed for SAR disclosure violations, including fines of up to $250,000 and up to five years in prison.
FinCEN announced that the deadline for financial institutions to utilize its new Currency Transaction Report and Suspicious Activity Report has been extended to March 31, 2013.
According to a recent report by FinCEN, mortgage loan fraud suspicious activity reports for Second Quarter 2011 nearly doubled from the number reported in the same quarter of 2010.
Your update on the regulatory landscape.
Your update of the regulatory landscape.