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

Biggest Worker’s Compensation Scam in Southern California Totaling More Than $3 Million Dollars | Broker Dealers, Money Laundering, Involving SARs, Fraud, Involving CTRs, Tax Crimes, Insurance Companies
Insurance Executive Sentenced in Embezzlement Scheme | Involving SARs, Schemes and Scams, Insurance Companies
SARs Assist in Money Laundering Investigation Involving the Insurance Industry | Narcotics Trafficking, Involving SARs, BSA Violations, Insurance Companies
Six People Arrested for Allegedly Bilking Millions of Dollars of Goods from Food Bank | Money Laundering, Involving SARs, Involving CTRs, Insurance Companies
Bank Secrecy Act Document Analysis Helpful in Fraud Case | Fraud, Depository Institutions, Casinos and Card Clubs, Insurance Companies
Bogus Life Insurance Investment Vehicles Identified through SAR Filing | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Insurance Companies
SAR Leads to Guilty Plea in Case against Doctor | Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations, Tax Crimes, Insurance Companies
State Agency Case Example (Taxes) | Depository Institutions, Insurance Companies
State Agency Case Example (Insurance Fraud) | Fraud, Involving CTRs, Money Services Businesses, Insurance Companies