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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…

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…

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…

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’…

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…

Case summary: A woman was sentenced in 2010 after pleading guilty to a structuring charge resulting from the theft of funds from her elderly mother. Although the defendant received a relatively light sentence, the assistant U.S. attorney prosecuting the case noted that structuring was the only…

In 2006, a Federal grand jury indicted several businesses and individuals, including mortgage brokers, on numerous charges of mail fraud, bank fraud, conspiracy to commit mail, wire and bank fraud and contempt of court in a nationwide scheme that purported to eliminate the mortgages of thousands of…