Regulatory Alerts2011-03-30 | FinCEN Advisory – FIN-2011-A007Added
Advisory on Activities Potentially Related to Commercial Real Estate Fraud (FinCEN Advisory – FIN-2011-A007)
Financial institutions are requested to include the specific term "CREF" in the narrative portion of all Suspicious Activity Reports involving potential commercial real estate fraud and to report the exact dollar amounts associated with the activity. The advisory also requires that the Suspect/Subject Information Section of these filings include available information for all parties suspected of participating in the fraudulent activity. This guidance applies to both depository and non-depository financial institutions to assist law enforcement in monitoring trends in suspicious activity.