FinCEN CSI

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					FinCEN CSI
Dona DeZube
Mortgage Banking; Apr 2009; 69, 7; Docstoc
pg. 52




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DOCUMENT INFO
Description: Every year, thousands of fraudsters target American financial institutions, attempting to launder the funds they earn from criminal activities in order to obtain fraudulent mortgages or to steal consumers' identities. The Financial Crimes Enforcement Network (FinCEN), Vienna, VA, has only 299 employees, yet it manages to collect, analyze and distribute to law-enforcement officials in the US, at home and abroad information from the more than 1 million suspicious activity reports (SARs) technically filed each year. When reported to FinCEN, a transaction or borrower action that may seem simply odd or even outright suspicious to a mortgage banker may actually be information that provides a critical link or tip about the movement or location of criminal proceeds. Every person in a customer-facing role within the mortgage industry can help FinCEN's efforts to fight crime simply by keeping his or her eyes open for a not-quite-right borrower. Electronic submission of SARs also makes it easier for FinCEN to manage the data once they are reported.
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