The Value of FinCEN Data

Magnifying Glass in Front of Bookshelf

Financial data, collected from financial institutions by the Financial Crimes Enforcement Network under the Bank Secrecy Act (BSA), has proven to be of considerable value in money laundering, terrorist financing and other financial crimes investigations by law enforcement. When combined with other data collected by law enforcement and the intelligence communities, FinCEN data assists investigators in connecting the dots in their investigations by allowing for a more complete identification of the respective subjects with information such as personal information; previously unknown addresses; businesses and personal associations; banking patterns; travel patterns; and communication methods.

FinCEN’s Law Enforcement Awards

Every year, FinCEN holds its Law Enforcement Awards ceremony, which recognizes successfully prosecuted cases. The goals of the program are to recognize those law enforcement agencies that made effective use of financial institution reporting to obtain a successful prosecution and to demonstrate to the financial industry the value of its reporting to law enforcement. The program also emphasizes that prompt and accurate reporting by the financial industry is vital to the successful partnership with law enforcement to fight financial crime. FinCEN receives case submissions from law enforcement for the program, and in all cases, the use of BSA reporting by the financial industry provided highly noteworthy added value to significant investigations. Case summaries for many of the submissions are described in the press releases below:

Search Case Examples Prior to 2015 Using the Drop-Down Menu Below

One Hundred SARs Help Outline Size and Scope of Fraudulent Mortgage Elimination Scheme | Involving SARs, Fraud, Depository Institutions
Identity Thief Receives Nearly 4 Years in Prison | Involving SARs, ID Crimes, Depository Institutions
SAR Filings Lead to Investigation Involving Black Market Peso Exchange | Narcotics Trafficking, Informal Value Transfer Systems, Involving SARs, Depository Institutions, BSA Violations
State Agency Case Example (Insurance Fraud) | Fraud, Involving CTRs, Money Services Businesses, Insurance Companies
SAR Filing Trips Up Card Thief | Depository Institutions, BSA Violations
Suspicious Activity Reports Aid Conviction of Drug Dealers | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Depository Institutions
Suspicious Activity Reports Detail Transactions in Mortgage Fraud Scheme | Involving SARs, Fraud, Depository Institutions
Suspicious Activity Reports Useful in Round-Tripping Investigation | Depository Institutions
Guilty Pleas in International Hedge Fund Fraud Case Initiated from SARs | Broker Dealers, Involving SARs, Fraud, Schemes and Scams, Depository Institutions
Travel Agent Convicted | Money Laundering, Involving SARs, Involving CTRs, BSA Violations
Proactive SAR Review Leads to the Arrest of Army Officer and Recovery of Iraqi War Funds | Money Laundering, Involving SARs, Depository Institutions, BSA Violations, Corruption
SARs Identify Internal Fraud at Local Bank | Involving SARs, Fraud, Depository Institutions
Bank SARs Lead to Discovery of Predatory Certificate of Deposit Fraud Scheme | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
SARs Lead to Approximately $427,000 Being Seized from an Unlicensed Money Remitter | Money Services Businesses
State Coordinator's Case Example (Embezzlement) | Schemes and Scams, Casinos and Card Clubs
SAR Filing Unveils Customs Fraud | Money Laundering, Involving SARs, Depository Institutions
Suspicious Activity Reports “Extremely Helpful” in Structuring Conviction Related to International Lottery Scheme | Involving SARs, Schemes and Scams, Depository Institutions, BSA Violations
Proactive SAR Review Identifies Retired U.S. Military Officer Involved in Bribery Scheme | Involving SARs, Other Crimes, Schemes and Scams, Depository Institutions, Money Services Businesses
SARs Lead to Serial Mortgage Fraud Offender | Involving SARs, Fraud, Depository Institutions, BSA Violations, Tax Crimes
State Coordinator's Case Example (Identity Theft) | Involving SARs, ID Crimes, Depository Institutions
SARs Lead to Conviction of Former Investment Firm CEO | Involving SARs, Fraud, Schemes and Scams, Tax Crimes
Former Executive in Prison for Tax Evasion | Involving SARs, Tax Crimes
SARs Help Bust $1 Million Drug Ring Led by Significantly Older Student | Narcotics Trafficking, Money Laundering, Involving SARs, Depository Institutions, BSA Violations
Bank Secrecy Act Records Detail Transactions Related to Illicit Smoke Shop Sales | Involving SARs, Other Crimes, BSA Violations, Tax Crimes
SAR Assists in Identifying Money Remitter Sending Money to Iraq | Money Services Businesses