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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 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…

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 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…

BSA records often play a crucial role in federal investigations of medical fraud. The records are often instrumental in seizing assets and shutting down businesses that may be perpetrating the fraud. Some of the businesses may exist on paper only, and prosecution of the perpetrators is often…

Federal law enforcement agencies conducting a tax refund fraud investigation uncovered at least $13.1 million in fraudulently obtained federal and state tax refunds. The lead investigator in the case said the investigation began when a bank reported anomalous automated clearing house (ACH)…

In a case that started from a proactive review of Suspicious Activity Reports, a specialized mortgage fraud task force launched an investigation that led to charges against two individuals. Bank Secrecy Act records captured many of the scheme’s intricate details, including a SAR filed on one of…

Through a proactive review of SARs, law enforcement found that the purveyor of illicit devices structured millions of dollars of proceeds into a financial institution. The devices were a violation of state law and hence led to a charge of money laundering. In the indictment, prosecutors sought…

In a case where political corruption led to bid rigging of public housing contracts in order to defraud the government, BSA records proved instrumental in understanding the scheme. In this case, perpetrators repeatedly structured financial transactions in order to hide business relationships and…

Prosecutors used information directly derived from BSA records to help convict a repeat drug trafficker in Federal court. The wealth accumulated by the defendant through illicit drug sales became evident by the filing of numerous CTRs by casinos, a Form 8300 filed in conjunction with the…