The Financial Crimes Enforcement Network issued today the latest edition of The SAR Activity Review - By The Numbers. This report compiles the numerical data gathered from Suspicious Activity Reports (SARs) filed through the 2007 calendar year. While this report does not analyze specific trends, changes in the...
Comptroller of the Currency John C. Dugan and Idaho Department of Finance Director Gavin Gee signed a Memorandum of Understanding today to promote the sharing of consumer complaints between their two agencies.
"By agreeing to share complaint information, the OCC and states like Idaho, are making it easier for...
The federal financial regulatory agencies today issued final illustrations for helping consumers understand certain hybrid adjustable rate mortgage (ARM) products.
The agencies' Statement on Subprime Mortgage Lending (Subprime Statement), which became effective July 10, 2007, recommended that institutions provide...
This bulletin reminds national banks and their technology service providers that application security is an important component of their information security program. All applications, whether internally developed, vendor-acquired, or contracted for, should be subject to appropriate security risk assessment and...
This letter is in response to a request from [Service Company], a subsidiary of [Parent], dated June 6, 2007, to the Financial Crimes Enforcement Network (FinCEN) for an administrative ruling concerning the treatment under the Bank Secrecy Act (BSA) provisions applicable to money services businesses (MSBs) of [Service...
The independent test of the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Compliance Program can improve the efficiency and reduce the burden of the examination process.
Highlights:
The importance of an effective independent review, an original component of the BSA/AML Compliance Program, cannot be...
The Office of the Comptroller of the Currency issued an advisory today that provides advice to help prevent borrowers from becoming victims of foreclosure rescue scams.
"Foreclosure rescue con artists take advantage of vulnerable people who have fallen behind on their mortgages and may be facing foreclosure," said...
By accepting cards, federal entities realize benefits, including more satisfied customers, fewer bad checks and cash thefts, and improved operational
efficiency. In fiscal year 2007, federal entities accepted cards for over $27
billion in revenues and paid at least $433 million in associated merchant
discount fees.
The Federal Bureau of Investigation has released its 2007 Mortgage Fraud Report. The purpose of this study is to provide insight into the breadth and depth of mortgage fraud crimes perpetrated against the United States and its citizens. This report updates the 2006 Mortgage Fraud Report and addresses current mortgage...
The Office of Thrift Supervision (OTS) has launched an enhanced, centralized service for assisting customers of OTS-regulated savings institutions.
The new OTS Consumer Response Center will be available for consumers' telephone calls Monday through Friday, 8:00 a.m. to 5:30 p.m. EST. Consumers who need information...
Emphasizing its commitment to providing quality feedback and useful information to both the users and providers of Bank Secrecy Act (BSA) information, the Financial Crimes Enforcement Network (FinCEN) today launched a redesigned and enhanced website. Informational content has been extensively reorganized and...
The Financial Crimes Enforcement Network (FinCEN) has released the 13th issue of the SAR Activity Review. This edition reflects several important topics relevant to the community of SAR filers and SAR users. As usual FinCEN has included many examples of how law enforcement makes good use of the Bank Secrecy Act (BSA)...
The following entities have been added to the Office of Foreign Assets Control's (OFAC) Specially Designated Nationals (SDN) List from Belarus:
BELARUSIAN OIL TRADE HOUSE (a.k.a. BELARUSIAN OIL TRADING HOUSE; a.k.a. BELARUSIAN OIL TRADING HOUSE REPUBLICAN SUBSIDIARY UNITARY ENTERPRISE; a.k.a. BELARUSIAN OIL TRADING...
The Financial Crimes Enforcement Network (FinCEN) has released its strategic plan for the next five years. FinCEN Director James Freis noted in the introduction of the plan FinCEN's objectives are to integrate all FinCEN activities. This plan focuses on three mission-critical outcome goals for the next 5 years:...
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