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Notice of Availability of Regulatory Impact Assessment and Initial Regulatory Flexibility Analysis Regarding the Customer Due Diligence Requirements for Financial Institutions
Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 Reporting Requirements Under Section 104(e)
Currency Transaction Report (CTR) FinCEN form 104
Unauthorized Disclosure of Suspicious Activity Reports

The Financial Crimes Enforcement Network has an obligation to ensure that data collected under the Bank Secrecy Act are properly collected, securely maintained and appropriately disseminated. Following the unauthorized and unlawful disclosures of certain Suspicious Activity Reports to the press…

Customer Due Diligence Requirements for Financial Institutions
FinCEN Notice 2011-3 Administrative Relief for Sellers and Providers of Prepaid Access

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…

Suspicious Activity Reports Detail Transactions in Mortgage Fraud Scheme

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…

BSA Data Instrumental in Drug Cases

A Drug Enforcement Administration (DEA) investigation into a local cocaine and marijuana trafficker involved more than one cooperating source who knew of the trafficker but had no biographical data. A SAR was located that identified the trafficker, provided biographical data and notations that…

Lengthy Sentence for Owning a Marijuana Farm

A defendant was sentenced to serve multiple months in prison followed by several years probation, after pleading guilty to narcotics trafficking charges and structuring financial transactions to evade the currency reporting requirements in connection with a marijuana growing operation. The…

SAR Filings Lead to Investigation Involving Black Market Peso Exchange

An FBI investigation was initiated upon the receipt of a SAR from a bank in New York that identified deposits being structured to avoid the filing of CTRs. This case was worked jointly with the FBI, New York City Department of Investigation, IRS, and U.S. Customs Service. Over 80 SARs were filed…