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

Stock Fraud Cheats Elderly out of $100 Million | Broker Dealers, Money Laundering, Involving SARs, Involving CTRs
Store Owners Plead Guilty to Structuring and Food Stamp Fraud | Involving SARs, Other Crimes, Fraud, BSA Violations
Suspect Sentenced to Five Years in Prison and Ordered to Pay $1 Million in Restitution | Involving SARs, BSA Violations, Tax Crimes
Suspicious Activity Report Details Illicit Check Cashing Activity, Provides Blueprint for Investigation and Indictment | Involving SARs, Involving CTRs, Depository Institutions, BSA Violations, Money Services Businesses, Check Crimes
Suspicious Activity Report Initiates Investigation of Major International Narcotics Organization Utilizing the Black Market Peso Exchange | Narcotics Trafficking, Informal Value Transfer Systems, Involving SARs
Suspicious Activity Report Initiates Investigations into Fraud, High-Yield Investment Schemes; Egmont Exchanges Lead to Foreign Accounts and Asset Seizures | Involving SARs, Fraud, Involving CTRs, Schemes and Scams, Depository Institutions, Casinos and Card Clubs, Tax Crimes
Suspicious Activity Report Leads to Conviction of Chief Executive | Involving SARs, Fraud, Depository Institutions
Suspicious Activity Report Leads to Forfeiture of Currency | Narcotics Trafficking, Involving SARs, Depository Institutions, BSA Violations
Suspicious Activity Report Leads to Structuring Conviction and Links to Drug Investigation | Narcotics Trafficking, Involving SARs, Depository Institutions, BSA Violations
Suspicious Activity Report Leads to the Investigation and Conviction of Elected Official | Involving SARs, Fraud, Depository Institutions, BSA Violations, Money Services Businesses, Check Crimes
Suspicious Activity Reports Aid Conviction of Drug Dealers | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Depository Institutions
Suspicious Activity Reports Aid in Ponzi Scheme Investigation | Involving SARs, Involving CTRs, Schemes and Scams, Casinos and Card Clubs
Suspicious Activity Reports Assist Telemarketing Fraud Investigation | Involving SARs, Other Crimes, Fraud
Suspicious Activity Reports Detail Transactions in Mortgage Fraud Scheme | Involving SARs, Fraud, Depository Institutions
Suspicious Activity Reports Document Transactions by Defendant With Ties to Organized Crime Group, Possible Terrorism Financing | Involving SARs, Fraud, ID Crimes, Depository Institutions, Terrorism, Check Crimes
Suspicious Activity Reports Help Unravel Complex Fraudulent Banking Scheme | Involving SARs, Involving CTRs, Schemes and Scams, Depository Institutions
Suspicious Activity Reports Identify Money Laundering Activities | Informal Value Transfer Systems, Money Laundering, Involving SARs, BSA Violations
Suspicious Activity Reports “Extremely Helpful” in Structuring Conviction Related to International Lottery Scheme | Involving SARs, Schemes and Scams, Depository Institutions, BSA Violations
Three Family Members Plead Guilty to Structuring | Involving SARs, Fraud, Depository Institutions, BSA Violations, Tax Crimes
Three Individuals Convicted in Phantom Bank Scheme | Money Laundering, Involving SARs, Fraud
Travel Agent Convicted | Money Laundering, Involving SARs, Involving CTRs, BSA Violations
SAR Leads to Recovery of Funds Derived from Foreign Corruption | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Corruption
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
Suspicious Activity Report Leads to Arrest and Conviction of U.S. Government Employee for Embezzlement | Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, Casinos and Card Clubs, BSA Violations, Corruption
Suspicious Activity Reports Identify Transactions Linked to Embezzlement of a Tribal Authority | Money Laundering, Involving SARs, Other Crimes, Fraud, Depository Institutions, BSA Violations, Corruption, Tax Crimes