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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…

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…

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.…

A suspect was sentenced to multiple months in prison and ordered to pay more than $1 million in back taxes owed on several million dollars in income that was never reported to the Internal Revenue Service. The income was earned from two related businesses that the suspect operated during a 4-…

Six defendants pled guilty and received prison time for defrauding investors in a case that started when a securities firm noticed suspect transactions and reported the activity to law enforcement. The defendants created a bogus investment scheme, marketed it over the Internet, and defrauded…

A proactive SAR review task force identified a record that described structuring in an account of an individual who was subsequently found to not be involved in the suspected criminal activity. The investigators began focusing on the subject who caused the structured transaction noted in the SAR…

A Suspicious Activity Report detailing more than $4.6 million worth of fraudulent activity associated with electronics sales over the Internet prompted a SAR review team to initiate a case on a subject known to have been previously identified with fraudulent activity. The filer reported that the…

A suspect who owed the Internal Revenue Service more than $1 million was sentenced to more than five years in prison after pleading guilty to illegally structuring financial transactions and conspiring to defraud the United States Government.

The defendant’s spouse also pleaded guilty to…

In a Florida case, a SAR filing led to the identification of additional fraud perpetrated by a subject already under investigation by special agents within the U.S. Secret Service’s (USSS) Tampa Field Office. From December 1996 through May 1997, investigators identified an individual who…