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Suspicious Activity Report Leads to Forfeiture of Currency

A Suspicious Activity Report filing prompted a Bureau of Immigration and Customs Enforcement investigation into the activities of a subject from another country. The Suspicious Activity Report alleged that after an initial account opening deposit, the subject had structured deposits exceeding $700,000. Investigation revealed this suspect was known as a mid-level narcotics trafficker in his home country. In collaboration with the Federal Bureau of Investigation, the currency was seized from the bank account and the case filed for civil forfeiture in State District Court. In a recent out of court settlement, the suspect agreed to forfeit fifty percent of the monies.

(Source: Bureau of Immigration and Customs Enforcement)

[Published in The SAR Activity Review Trends, Tips & Issues, Issue 7, August 2004]