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

SARs Reveal Multi-Million Dollar Illicit Business | Money Laundering, Involving SARs, Depository Institutions, BSA Violations
SAR Helps in Investigation of Doctor Prescribing Thousands of Pain Relief Pills | Narcotics Trafficking, Involving SARs, Depository Institutions, BSA Violations, Tax Crimes
SARs Help Dismantle Interstate Cigarette Smuggling Operation | Money Laundering, Involving SARs, Other Crimes, Involving CTRs, Depository Institutions, Terrorism, BSA Violations
SARs Help Investigators Stop Fraudsters in Elder Financial Exploitation Case | Involving SARs, Fraud, BSA Violations, Tax Crimes
SARs Help Bust $1 Million Drug Ring Led by Significantly Older Student | Narcotics Trafficking, Money Laundering, Involving SARs, Depository Institutions, BSA Violations
SARs Help Uncover Scheme to Hide Payments from Drug Traffickers to Buy Vehicles | Narcotics Trafficking, Involving SARs, Schemes and Scams, Depository Institutions, BSA Violations
Bank Secrecy Act Records, Tellers' Testimony Lead to Convictions for Medicare Fraud, Structuring, and Money Laundering | Money Laundering, Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations
Proactive Suspicious Activity Report Review Leads to Guilty Plea for Money Remitter Structuring Transactions | Involving SARs, Depository Institutions, BSA Violations, Money Services Businesses
Proactive Suspicious Activity Report Search Leads to Guilty Plea in Tax Fraud Investigation | Involving SARs, Involving CTRs, Depository Institutions, BSA Violations, Tax Crimes
Suspicious Activity Reports Document Transactions of International Fraud Ring | Involving SARs, Fraud, ID Crimes, Depository Institutions, BSA Violations, Money Services Businesses
Suspicious Activity Reports Detail International Payments of Drug Trafficking Ring | Narcotics Trafficking, Involving SARs, BSA Violations, Money Services Businesses
SAR Leads to Structuring Conviction for Mortgage Broker | Involving SARs, Fraud, BSA Violations, Check Crimes
SAR Review Team Identifies Gift Shop Operating as an Unregistered Money Services Business | Involving SARs, Depository Institutions, BSA Violations, Money Services Businesses
Restaurant Owner Pleads Guilty to a Charge of Structuring Bank Deposits | Narcotics Trafficking, Involving SARs, Depository Institutions, BSA Violations, Tax Crimes
BSA Records “Critical” in Conviction of Money Launderer in Organized Retail Theft Case | Money Laundering, Involving SARs, Other Crimes, Depository Institutions, BSA Violations, Money Services Businesses
Suspicious Activity Reports Describe Marijuana Traffickers’ Attempt to Wash, Dry, and Iron “Dirty” Currency | Narcotics Trafficking, Money Laundering, Involving SARs, Other Crimes, Depository Institutions, BSA Violations
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
BSA Information Helps Jury Convict Cocaine Trafficker | Narcotics Trafficking, Involving SARs, Involving CTRs, Casinos and Card Clubs, BSA Violations
Paralegal Found Guilty at Trial on Structuring Charges | Fraud, Depository Institutions, BSA Violations