Proactive SAR Review Uncovers $15 Million Securities Conversion Scheme | Broker Dealers, Involving SARs, Fraud, Depository Institutions
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:
- FinCEN Announces Recipients of Its Law Enforcement Awards During Tenth Annual Ceremony (2024)
- FinCEN Holds Annual Ceremony to Recognize Law Enforcement Cases Supported by BSA Data (2023)
- Annual FinCEN Program Recognizes Law Enforcement Cases Supported by BSA Data (2022)
- FinCEN Recognizes the Significant Impact of Bank Secrecy Act Data on Law Enforcement Efforts (2021)
- FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings (2020)
- FinCEN Holds Fifth Annual Awards Program to Recognize Importance of Bank Secrecy Act Reporting by Financial Institutions (2019)
- FinCEN Director’s Law Enforcement Awards Program Recognizes Significance of BSA Reporting by Financial Institutions (2018)
- FinCEN Awards Recognize Law Enforcement Success Stories Supported by Bank Secrecy Act Reporting (2017)
- FinCEN Awards Recognize Partnership Between Law Enforcement and Financial Institutions to Fight Financial Crime (2016)
- FinCEN Recognizes High-Impact Law Enforcement Cases Furthered through Financial Institution Reporting (2015)
Search Case Examples Prior to 2015 Using the Drop-Down Menu Below
State Coordinator’s Case Example (Welfare Fraud) | Involving SARs, Fraud, Involving CTRs, Money Services Businesses
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
Attorney General’s Office Case Example (Mortgage Fraud) | Involving SARs, Fraud
State Agency Case Example (Insurance Fraud) | Fraud, Involving CTRs, Money Services Businesses, Insurance Companies
Attorney General’s Office Case Example (Tax Fraud) | Fraud, Tax Crimes
SAR Jump-Starts Investigation into Natural Resources Ponzi Scheme | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
Securities Dealer Provides Details of High Yield Investment Program Scheme | Broker Dealers, Money Laundering, Involving SARs, Fraud
Guilty Pleas in International Hedge Fund Fraud Case Initiated from SARs | Broker Dealers, Involving SARs, Fraud, Schemes and Scams, Depository Institutions
SARs Are Catalyst in Investigation of $13.1 Million Tax Fraud Conspiracy | Involving SARs, Fraud, ID Crimes, Depository Institutions, Tax Crimes
SARs Lead to Recovery of Funds Derived from Medical Fraud | Involving SARs, Fraud, Depository Institutions
Proactive SAR Review Leads to Guilty Plea on Conspiracy and Money Laundering Charges | Money Laundering, Involving SARs, Fraud, Tax Crimes
SAR Leads to Structuring Conviction for Mortgage Broker | Involving SARs, Fraud, BSA Violations, Check Crimes
Bank SARs Lead to Discovery of Predatory Certificate of Deposit Fraud Scheme | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
BSA Records Show Money Received through Mortgage-Related Ponzi Scheme Supported Million-Dollar Gambling Habit | Money Laundering, Fraud, Involving CTRs, Schemes and Scams, Casinos and Card Clubs
Suspicious Activity Reports Document Transactions of International Fraud Ring | Involving SARs, Fraud, ID Crimes, Depository Institutions, BSA Violations, Money Services Businesses
Bank Secrecy Act Records Help Launch Investigation on Convicted Felon Not Complying with Restitution Order | Fraud, Involving CTRs, Casinos and Card Clubs
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
SARs Help Investigators Stop Fraudsters in Elder Financial Exploitation Case | Involving SARs, Fraud, BSA Violations, Tax Crimes
Proactive SAR Review Leads to Guilty Pleas in Structuring, Bank Fraud Case | Involving SARs, Fraud, Depository Institutions, BSA Violations
Bank Secrecy Act Document Analysis Helpful in Fraud Case | Fraud, Depository Institutions, Casinos and Card Clubs, Insurance Companies
SARs and 314(b) Call Lead to Guilty Plea in Ponzi Scheme | Involving SARs, Fraud, Involving CTRs, Schemes and Scams, Depository Institutions, Casinos and Card Clubs, Check Crimes
SARs Identify Huge Check-Kiting Scheme by Auto Dealer | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
SAR Referral Leads to the Discovery of a $100 Million Mortgage Fraud and Foreclosure Rescue Scheme | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Tax Crimes
FinCEN Data Proves to be Instrumental in Fraud Case | Narcotics Trafficking, Money Laundering, Involving SARs, Fraud, ID Crimes, Depository Institutions, BSA Violations