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

Case for Mortgage Fraud Involving Straw Buyers Supported by SARs | Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations, Money Services Businesses, Check Crimes
Proactive Suspicious Activity Report Review Leads to Guilty Pleas in “Cash Back” Mortgage Fraud Scheme | Involving SARs, Fraud, Involving CTRs, Schemes and Scams, Depository Institutions, BSA Violations
SARs Lead to Serial Mortgage Fraud Offender | Involving SARs, Fraud, Depository Institutions, BSA Violations, Tax Crimes
SAR Leads to Guilty Plea in Case against Doctor | Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations, Tax Crimes, Insurance Companies
SARs Lead to Discovery of $1.8 Million Hidden in House | Involving SARs, Depository Institutions, BSA Violations, Tax Crimes
Mortgage Broker Pleads Guilty to Structuring Charges | Narcotics Trafficking, Involving SARs, Fraud, Depository Institutions, BSA Violations, Money Services Businesses, Check Crimes
State Jury Convicts Defendant of Structuring to Avoid BSAReporting Requirements | Money Laundering, Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations
Paralegal Found Guilty at Trial on Structuring Charges | Fraud, Depository Institutions, BSA Violations
Structuring Charges Help Elderly Victim Recover Stolen Funds | Depository Institutions, BSA Violations
Judge Rules Defendant Guilty of Structuring; No Connection to Criminal Activity Alleged | Depository Institutions, BSA Violations
Doctor Pleads Guilty to Charges Related to Failure to Comply with BSA Reporting Requirements for Overseas Accounts | Depository Institutions, Tax Crimes
State Coordinator's Case Example (Identity Theft) | Involving SARs, ID Crimes, Depository Institutions
State Agency Case Example (Taxes) | Depository Institutions, Insurance Companies
Local Municipality Case Example (Illegal Exports) | Money Laundering, Involving SARs, Depository Institutions, BSA Violations
Local Municipality Case Example (Narcotics Trafficking, Money Laundering, and Mortgage Fraud) | Narcotics Trafficking, Money Laundering, Fraud, Involving CTRs, Depository Institutions
Local Municipality Case Example (SARs/CTRs Lead to Asset Forfeiture) | Narcotics Trafficking, Involving SARs, Involving CTRs, Depository Institutions, BSA Violations
State Coordinator's Case Example (Elder Abuse-Financial) | Involving CTRs, Depository Institutions
SAR Review Team Discovers Doctor Structuring Deposits | Involving SARs, Depository Institutions, BSA Violations
Detailed SAR Narratives Help Uncover Cigarette Smuggling Operation | Involving SARs, Involving CTRs, Depository Institutions, BSA Violations, Tax Crimes
Suspicious Activity Report Describes in Great Detail Bank Embezzlement Scheme, Leads to Guilty Plea | Money Laundering, Involving SARs, Depository Institutions
Bank Secrecy Act Records Assist in Mortgage Fraud Investigation Resulting in Guilty Plea | Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations, Money Services Businesses
Suspicious Activity Report Credited with Revealing Bank Fraud Scheme and Unraveling Auto Insurance Fraud Ring that Nets Principal Defendant Nearly $1.3 Million and a Nine-Year Prison Term | Involving SARs, Fraud, Depository Institutions, Check Crimes
Suspicious Activity Reports Document Bank Transactions on Behalf of Drug Trafficker | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, BSA Violations
One Hundred SARs Help Outline Size and Scope of Fraudulent Mortgage Elimination Scheme | Involving SARs, Fraud, Depository Institutions
Appeals Court Affirms Conviction in Tax Evasion Case Arising from a SAR | Involving SARs, Depository Institutions, Tax Crimes