Requirement of Suspicious Activity Report for Non Bank Lenders

In past years, only conventional banks and finance company have to submit the suspicious activity report. But at present, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has stated that, non bank lenders are also has to submit the suspicious activity report. The FinCEN wants this report to decrease malfunction of the duplicate non bank lenders. There are two new additions to the FinCEN which include the loan information section and the suspicious activity information section.

1) The loan information section – It is a new added section, while filling this part both the lenders and originators have to provide the basic loan details which include loan number, property details, occupation details, address of communication, type of loan either long term or short term. This information is needed to less down the fraud activities of the non bank lending. Additionally, you have to provide the contact information of the loan agent, loan issuing company.

2) The suspicious activity report – It is added as a new drop down list for the receivers to select specific lending fraud activities and summary of the suspicious activity. The fraud activity includes purchase and bail, advanced fee schemes, double sold note, distressed house owner, foreclosure rescue scheme, equity skimming, false documentation, straw buyer and more. Also, you have to add the loan amount, amount of present loss also the potential loss rising from the improper activity.

The FinCEN requires the suspicious report to the welfare of the receivers to not stick with the fraud activity. The working capital which is issued by the merchant cash advance provider is very important for the small business owners to step up their business in to some levels. The merchant have to repay the given cash through monthly interest and the maturity time of the loan amount is maximum one year. click here to get more information business loan.

Leave a Reply

Your email address will not be published. Required fields are marked *