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FinCEN is issuing this Notice to provide administrative relief to sellers and providers of prepaid access that would otherwise be subject to certain Bank Secrecy Act ("BSA") requirements imposed by a final rule published on July 29, 2011 (the "Final Rule").1 As a result of this…
My money services business understands that Bank Secrecy Act regulations (31 C.F.R. Part 103) require, among other things, implementing a written anti-money laundering program and maintaining records of certain transactions. Because of the nature of my business, I would prefer to…
A Bureau of Immigration and Customs Enforcement’s Bank Secrecy Act Enforcement Team received information that a business was a check cashing service, but the transactions within their bank accounts indicated that the business was involved in domestic money laundering and a pyramid fraud scheme.…
Upon receipt of a Suspicious Activity Report from a bank, the Federal Bureau of Investigation initiated a bank and mail/wire fraud investigation involving a purported charity raising money for needy people in a Middle Eastern country. The Suspicious Activity Report identified a series of checks…
SARs helped identify additional aliases, associates, and businesses of an individual that acted as a credit card ‘bust-out’ recruiter. As a recruiter, the subject assisted other individuals (usually from the same ethnic group and experiencing financial or personal difficulties) in escaping their…
Information from SARs helped unravel a complex fraudulent banking scheme in which victims lost thousands of dollars to fake investments and a multinational financial institution had its identity stolen.
The scheme to defraud investors allegedly started in late 2002, when an individual…