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An individual was recently sentenced in United States District Court to six months in prison for operating an unlicensed money transmitter business and for bankruptcy fraud. The subject was also ordered to forfeit over $25,000. This case was initiated after the review of numerous Suspicious…

The deadline to file a Report of Foreign Bank and Financial Accounts form ("FBAR") with the U.S. Department of the Treasury, in accordance with 31 CFR 103.24, for each calendar year is on or before June 30th of the following year. Thus, the deadline to file the FBAR for calendar year 2001 is June…

The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may guard against threats of illicit Iranian activity related to money laundering, terrorist financing and weapons of mass destruction proliferation financing. The Financial Action Task…

This FinCEN interpretive guidance clarifies that reports filed with the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) of blocked transactions with Specially Designated Global Terrorists, Specially Designated Terrorists, Foreign Terrorist Organizations, Specially Designated…

In 2005, a federal task force initiated a 2-year multi-agency investigation against an online pharmaceutical distribution network, resulting in indictments against 18 individuals. The investigation was based on information received from a cooperating witness, who alleged that a pharmaceutical…

The Pennsylvania (Pa.) Office of Attorney General’s Asset Forfeiture and Money Laundering Section conducted proactive targeting research on SARs that initiated a Pa. State Grand Jury Money Laundering investigation on two suspects. FinCEN’s Gateway Program was utilized by the Pa. Attorney General’…

A multi-agency money laundering/marijuana trafficking investigation was initiated following the filing of a SAR by a bank in Tennessee. The SAR disclosed that an individual was depositing large amounts of U.S. currency into three bank accounts. The deposits ranged from $5,000 to $25,000 with the…

A Pennsylvania man was sentenced to 15 months in prison followed by 3 years probation for structuring bank transactions to prevent the IRS from learning about profits earned from his role in sports card theft. The man owned a company involved in the sale of sports cards and was found to be stealing…

A federal judge has ordered more than 24 years of prison time for a former loan officer who was found guilty on all eight counts of an indictment charging conspiracy, bank fraud, wire fraud, and money laundering. Several financial institutions identified unusual transactions related to the…

An IRS investigation in Virginia was initiated on the owner of a travel agency for currency structuring charges after the analysis of SAR and CTR filings. In addition to the travel agency, the defendant operated a money transmittal business that was wiring funds to his business interests in Lima,…