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

Proactive SAR Review Uncovers $15 Million Securities Conversion Scheme | Broker Dealers, Involving SARs, Fraud, Depository Institutions
SAR Leads to Structuring Conviction for Mortgage Broker | Involving SARs, Fraud, BSA Violations, Check Crimes
Proactive SAR Review Leads to Guilty Plea on Conspiracy and Money Laundering Charges | Money Laundering, Involving SARs, Fraud, Tax Crimes
SARs Lead to Recovery of Funds Derived from Medical Fraud | Involving SARs, Fraud, Depository Institutions
SARs Are Catalyst in Investigation of $13.1 Million Tax Fraud Conspiracy | Involving SARs, Fraud, ID Crimes, Depository Institutions, Tax Crimes
Guilty Pleas in International Hedge Fund Fraud Case Initiated from SARs | Broker Dealers, Involving SARs, Fraud, Schemes and Scams, Depository Institutions
Securities Dealer Provides Details of High Yield Investment Program Scheme | Broker Dealers, Money Laundering, Involving SARs, Fraud
SAR Jump-Starts Investigation into Natural Resources Ponzi Scheme | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
Bank SARs Lead to Discovery of Predatory Certificate of Deposit Fraud Scheme | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
Bogus Life Insurance Investment Vehicles Identified through SAR Filing | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Insurance Companies
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
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
Local Municipality Case Example (Narcotics Trafficking, Money Laundering, and Mortgage Fraud) | Narcotics Trafficking, Money Laundering, Fraud, Involving CTRs, Depository Institutions
State Coordinator's Case Example (Welfare Fraud) | Involving SARs, Fraud, Involving CTRs, Money Services Businesses
Attorney General's Office Case Example (Tax Fraud) | Fraud, Tax Crimes
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
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
SARs Help Identify Accounts and Additional Nigerian 419 Scams Associated with $32 Million Coal Mine and “Divine Gold” Ponzi Scheme | Involving SARs, Fraud, Schemes and Scams