Financial institutions filed 4.7 million suspicious activity reports in fiscal year 2024 for an average of 12,870 filings a day, according to the most recent year-in-review report by the Financial Crimes Enforcement Network. They filed 20.5 million currency transaction reports during the same time frame, for an average of 56,160 filings a day.
More than 87% of investigations recommended for prosecution by the criminal investigation arm of the IRS over the past two years had a related Bank Secrecy Act filing, according to the report. The FBI also relied heavily on BSA filings for investigations into financial crime, organized crime drug trafficking and international terrorism, with 16%-40% of investigations linked to SARs or CTRs in fiscal year 2024, depending on the crime. Department of Homeland Security personnel conducted approximately 290,000 queries related to BSA reporting during that same time frame.
Depository institutions accounted for 2.6 million of the 4.7 million SARs filed in fiscal year 2024, according to the report.
