US Financial Institutions Average SARs Filings 312815 SARs in Qtr.I, 2023
Dear WebPays Community,
We present the latest vital analysis and forecast regarding the United States Suspicious Activity Reports (SARs) for the year 2023. Based on the extensive data analysis and regulatory trends, we predict this year to unfold more record-breaking numbers in SAR filings in the United States of America, expecting approximately around 3.75 million.
In the past few years, financial institutions in the US have experienced a surge in reporting suspicious financial activity. The global pandemic has provided opportunities for financial crime, focusing on checks, government benefits, and investment accounts. Reporting of suspicious financial activity to US anti-money laundering (AML) authorities has significantly increased over the past three years.
Our say takes into account the current regulatory landscape, which indicates an upward trajectory in SAR-filing requirements in the 2023. Moreover, the data from the first quarter of 2023 aligns with the overall growth trend in SAR filings, providing further validation for our projection.
In the first quarter of 2023, financial institutions filed an average of 312,815 SARs per month, representing a 4% increase compared to the previous year's first-quarter monthly average. While this increase was slightly less than the growth rate observed in 2019, it is important to note that in 2018 and 2019, the monthly average SAR growth in the first quarter closely matched the average rate of increase for the entire year. Taking this pattern into consideration, we have chosen to incorporate it into our projection for 2023.
For risk leaders, it is essential to plan for a normal busy season at the beginning and end of summer, as these periods traditionally see heightened SAR activity. It is worth mentioning that annual SAR volumes are influenced by a combination of factors, including consumer spending velocity, regulatory guidance, and technological or process innovations.
At WebPays, we are committed to staying ahead of the curve and providing you with accurate and valuable insights. We will continue to monitor the SAR landscape closely and keep you informed of any developments that may impact your organization.
Thank you for your ongoing support and trust in WebPays. We look forward to assisting you in navigating the dynamic world of financial regulations.
Sincerely,
Amit Rao
Content Writer
WebPays