The Value of FinCEN Data

Financial data, collected from financial institutions by the Financial Crimes Enforcement Network under the Bank Secrecy Act (BSA), has proven to be of considerable value in money laundering, terrorist financing and other financial crimes investigations by law enforcement. When combined with other data collected by law enforcement and the intelligence communities, FinCEN data assists investigators in connecting the dots in their investigations by allowing for a more complete identification of the respective subjects with information such as personal information; previously unknown addresses; businesses and personal associations; banking patterns; travel patterns; and communication methods.

FinCEN’s Law Enforcement Awards

Every year, FinCEN holds its Law Enforcement Awards ceremony, which recognizes successfully prosecuted cases. The goals of the program are to recognize those law enforcement agencies that made effective use of financial institution reporting to obtain a successful prosecution and to demonstrate to the financial industry the value of its reporting to law enforcement. The program also emphasizes that prompt and accurate reporting by the financial industry is vital to the successful partnership with law enforcement to fight financial crime. FinCEN receives case submissions from law enforcement for the program, and in all cases, the use of BSA reporting by the financial industry provided highly noteworthy added value to significant investigations. Case summaries for many of the submissions are described in the press releases below:

Search Case Examples Prior to 2015 Using the Drop-Down Menu Below

Bank Secrecy Act Records Lead to Funds for Restitution in Insurance Fraud | Involving CTRs, Insurance Companies

Suspicious Activity Reports Detail Transactions in Mortgage Fraud Scheme | Involving SARs, Fraud, Depository Institutions

Currency Transaction Reports Expose Drug Traffickers Laundering Profits Through Casinos | Narcotics Trafficking, Involving SARs, Involving CTRs, Casinos and Card Clubs

Credit Union Files Suspicious Activity Report and Helps Launch Bank Fraud, International Payment Transfers Investigation | Money Laundering, Involving SARs, Fraud, Depository Institutions, BSA Violations, Check Crimes

Check Kite Nets Two | Involving SARs, Fraud, Check Crimes

Check Cashing Worker Convicted of Money Laundering | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Money Services Businesses

Business Used for Money Laundering and Pyramid Scheme | Broker Dealers, Money Laundering, Involving SARs

Business Owner Sentenced for Tax Evasion | Involving SARs, BSA Violations, Tax Crimes

Business Accused of Structuring | BSA Violations, Money Services Businesses

Biggest Worker’s Compensation Scam in Southern California Totaling More Than $3 Million Dollars | Broker Dealers, Money Laundering, Involving SARs, Fraud, Involving CTRs, Tax Crimes, Insurance Companies

Bank Secrecy Act Reports Instrumental in Investigation and Conviction of Attorney and Three Accomplices in Multi-Million Dollar Real Estate Fraud | Involving SARs, Fraud, Involving CTRs, Casinos and Card Clubs, Money Services Businesses

Bank Secrecy Act Records “Extremely Helpful” in Tracing Proceeds from Fraudulent Venture Capital Scheme | Broker Dealers

Bank Secrecy Act Records Link Gambling Ring to Structuring at Casinos | Involving SARs, Other Crimes, Involving CTRs, Casinos and Card Clubs, BSA Violations

314(a) Results Greatly Enhance Case Involving Material Support to Terrorism | Money Laundering, Involving SARs, Fraud, Terrorism, Tax Crimes

Bank Secrecy Act Records Help Initiate Case and Lead to Networking of Separate Investigations | Involving SARs, Other Crimes, Involving CTRs

Bank Secrecy Act Records Found in Real Estate Fraud Case Lead to Separate $1.5 Million Embezzlement Scheme | Involving SARs, Fraud, Schemes and Scams

Bank Secrecy Act Data Leads to Seizure of $18 Million | Money Laundering, Involving SARs, Other Crimes

Bank Secrecy Act Data Is an Integral Component of the FBI’s Geographic Information Mapping Technology | Involving SARs, Terrorism

Bank Manager Steals Hundreds of Thousands of Dollars: Scam Even Targets Sister | Depository Institutions

BSA Records, 314(a) Request Assists Investigation of International Money Laundering Using Stored Value Cards | Money Laundering, Involving SARs, Other Crimes, Fraud, ID Crimes

BSA Records Help Investigators Break Multi-Million Dollar Racketeering Scheme in the Trash Hauling Industry | Involving SARs, Other Crimes, Involving CTRs

BSA Filings Identify Financial Scams Bilking Investors out of $2.2 Million | Broker Dealers, Money Laundering, Involving SARs, ID Crimes, Involving CTRs

BSA Data Instrumental in Drug Cases | Narcotics Trafficking, Involving SARs

Attorney Sentenced in Fraud Case | Involving SARs, Fraud, BSA Violations

Appeals Court Affirms Conviction in Tax Evasion Case Arising from a SAR | Involving SARs, Depository Institutions, Tax Crimes