June 2016

PDF Download : Issue 21-story4.pdf

Federal prosecutors used information directly derived from FinCEN records to help convict a repeat drug trafficker. The wealth accumulated by the defendant through illicit drug sales became evident with the filing of numerous CTRs documenting transactions at casinos, a Form 8300 filed in conjunction with the purchase of a luxury automobile, and SARs highlighting an attempt to buy an expensive watch through structured transactions.

PDF Download : Issue 19-story1.pdf

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.

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.

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.

PDF Download : May2015_Case4.pdf

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.

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.

PDF Download : Issue 19-story7.pdf

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.