Home > consumer issues, financial crime and fraud, Financial Crimes Enforcement Network, housing and real estate > FinCEN Assesses Suspicious Activity Involving Title and Escrow Companies

FinCEN Assesses Suspicious Activity Involving Title and Escrow Companies

July 11, 2012

FinCEN Assesses Suspicious Activity Involving Title and Escrow Companies

Source: Financial Crimes Enforcement Network

Pressing forward in its efforts to address a wide range of criminal risks, particularly in the residential real estate market, the Financial Crimes Enforcement Network (FinCEN) today released its first targeted study analyzing reports indicating suspicious activities involving the Real Estate Title and Escrow Industry.

The study identified thousands of instances where financial institutions, particularly banks and Money Services Businesses (MSBs), filed suspicious activity reports (SARs) involving title and escrow companies, often in connection with mortgage fraud. FinCEN does not currently require title and escrow companies themselves to file SARs, but many have reported suspicious activities by annotating the Report of Cash Payments Over $10,000 Received in a Trade or Business (FinCEN Form 8300) that they are required to file.

"This first baseline study will help inform our ongoing efforts to identify regulatory gaps that criminals look to take advantage of," said FinCEN Director James H. Freis, Jr. "We can now more efficiently and effectively address those gaps and mitigate those risks through public awareness, support to law enforcement, or appropriate regulatory action."

+ Full Report (PDF)

About these ads
Categories: consumer issues, financial crime and fraud, Financial Crimes Enforcement Network, housing and real estate
Follow

Get every new post delivered to your Inbox.

Join 495 other followers

%d bloggers like this: