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

Insurance Executive Sentenced in Embezzlement Scheme | Involving SARs, Schemes and Scams, Insurance Companies
Lengthy Sentence for Owning a Marijuana Farm | Narcotics Trafficking, Involving SARs
Major Credit Card Thief Convicted | Money Laundering, Involving SARs, Fraud, Involving CTRs
Man Pleads Guilty to Laundering $5.9 Million in Drug Proceeds | Narcotics Trafficking, Involving SARs, Involving CTRs, Depository Institutions
Metal Traders Charged in International Bank Fraud Scheme | Involving SARs, Fraud
Money Laundering Scheme Transferred Over $12 Million to South American Countries | Narcotics Trafficking, Money Laundering, Involving SARs
Business Owner Sentenced for Tax Evasion | Involving SARs, BSA Violations, Tax Crimes
SARs Lead to Conviction of Major Cocaine Trafficker | Narcotics Trafficking, Money Laundering, Involving SARs, Fraud, Involving CTRs, Depository Institutions, Tax Crimes
One Hundred SARs Help Outline Size and Scope of Fraudulent Mortgage Elimination Scheme | Involving SARs, Fraud, Depository Institutions
Operation Mule Train | Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, Money Services Businesses
Organized Crime Network Attacked With the Help of SARs | Involving SARs, Other Crimes
Owner of Service Company Sentenced in Tax Evasion Scheme | Involving SARs, Tax Crimes
Post 9/11 SAR Leads to Guilty Plea in Money Laundering and Illegal Transfer of Funds to Iran Investigation | Broker Dealers, Involving SARs, Other Crimes
Proactive Bank Secrecy Act Search Leads to Arrest in Ponzi Scheme | Involving SARs, Involving CTRs, Schemes and Scams, Depository Institutions
Purported Charity Attempts to Evade Reporting Requirements | Involving SARs, Fraud, Depository Institutions
Reports Filed Under the BSA Critical to Largest Medicaid Fraud Case in the Nation | Money Laundering, Involving SARs, Fraud
Retail Store Owner Sentenced for Unlicensed Hawala Operation | Informal Value Transfer Systems, Involving SARs, Fraud, Money Services Businesses, Tax Crimes
SAR Filing Leads to 125-Count Indictment in $2.7 Million Embezzlement Case | Money Laundering, Involving SARs, Depository Institutions, BSA Violations, Tax Crimes
SAR Filing Leads to Identification of Elaborate Ponzi Schemes | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, BSA Violations
SAR Filing Locates Check Kiting Suspect | Involving SARs, Depository Institutions, Check Crimes
BSA Records, 314(a) Request Assists Investigation of International Money Laundering Using Stored Value Cards | Money Laundering, Involving SARs, Other Crimes, Fraud, ID Crimes
SAR Filing Uncovers Additional Counterfeit Check Fraud | Involving SARs, Check Crimes
SAR Filing Uncovers Investment Fraud Scheme | Involving SARs, Fraud, Schemes and Scams
SAR Filing Unveils Customs Fraud | Money Laundering, Involving SARs, Depository Institutions
Attorney Sentenced in Fraud Case | Involving SARs, Fraud, BSA Violations