June 2016
Proactive SAR Review Identifies Retired U.S. Military Officer Involved in Bribery Scheme
PDF Download : Issue 21-story7.pdf
Suspicious Activity Reports, filed by a credit union and money transmitter, led to the investigation of a retired officer who began accepting bribes while still in military service. The defendant orchestrated a scheme to ensure specific entities were awarded contracts for services related to the construction and maintenance of facilities for U.S. armed forces overseas. An alert depository institution recognized unusual transactions by the defendant and filed the SARs.
Proactive SAR Review Leads to the Arrest of Army Officer and Recovery of Iraqi War Funds
PDF Download : Issue 19-story2.pdf
A U.S. military officer used his official position to steal currency designated for war use, transferred the funds to the United States, and then spent that money on personal items. When the defendant conducted transactions with the stolen currency at financial institutions, those transactions triggered anti-money laundering detection protocols. The resulting SAR led to a quick arrest and recovery of the stolen currency.
Bank Secrecy Act Records Detail Transactions Related to Illicit Smoke Shop Sales
PDF Download : Issue 21-story2.pdf
A Federal judge sentenced the owners of a tribal tobacco shop to probation and community service, and ordered to them pay almost $10,000,000 in restitution, for conspiring to traffic in contraband cigarettes and for structuring currency transactions. The defendants earlier pleaded guilty in Federal court to illegally purchasing, receiving, and selling untaxed cigarettes, thereby depriving the state millions of dollars in tax revenue.
Jury Convicts Defendant of Structuring, No Illicit Origin of Funds Alleged
PDF Download : Issue 18-story 1.pdf
A jury found the defendant guilty of structuring after a pattern of transactions designed to evade currency transaction reporting requirements was identified. Prosecutors did not allege that the structured funds were derived from criminal activity.
BSA Records Identify Accounts and Transactions Related to an Illegal Gambling Enterprise
PDF Download : Issue 18-story 3.pdf
In a case where Federal prosecutors stepped in to help local law enforcement, BSA records identified millions of dollars generated through an illegal gambling operation. State authorities had few tools to punish the defendants because the state charges were only misdemeanors. To shut down the large operation, federal authorities brought charges, including money laundering, which could result in longer sentences.
Fact Sheet for the Industry on MSB Suspicious Activity Reporting Rule
PDF Download : msbsarfs.pdf
The Treasury Department is issuing today a final rule concerning the application of the Bank Secrecy Act (BSA) to certain non-bank financial institutions called "money services businesses" (MSBs). The rule would extend to the MSB industry the requirement to report suspicious activity under the BSA.
FinCEN: Recognizing 20 Years of Protecting the U.S. and International Financial Systems from Abuse
Since its creation in 1990, FinCEN has played a critical role in enhancing U.S. national security and combating financial crimes, through its efforts to deter and detect criminal activity and safeguard financial systems from abuse by promoting transparency in the U.S. and international financial systems.