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

SAR Leads to Convictions of Members of Computer Chip Theft Ring | Money Laundering, Involving SARs, Depository Institutions, Tax Crimes
SAR Leads to Guilty Plea of Money Laundering | Money Laundering, Involving SARs, Depository Institutions
SAR Reveals Bank Fraud and Money Laundering Violations by Rv Dealer | Money Laundering, Involving SARs, Fraud, Depository Institutions
SAR Unveils Network of Brazilians Involved in a Stolen Check Scheme | Money Laundering, Involving SARs, Fraud, ID Crimes, Check Crimes
SARs Assist in Conviction of Pharmacist | Money Laundering, Involving SARs, Fraud
Six People Arrested for Allegedly Bilking Millions of Dollars of Goods from Food Bank | Money Laundering, Involving SARs, Involving CTRs, Insurance Companies
Stock Fraud Cheats Elderly out of $100 Million | Broker Dealers, Money Laundering, Involving SARs, Involving CTRs
Suspicious Activity Reports Aid Conviction of Drug Dealers | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Depository Institutions
Suspicious Activity Reports Identify Money Laundering Activities | Informal Value Transfer Systems, Money Laundering, Involving SARs, BSA Violations
Three Individuals Convicted in Phantom Bank Scheme | Money Laundering, Involving SARs, Fraud
Travel Agent Convicted | Money Laundering, Involving SARs, Involving CTRs, BSA Violations
BSA Records Identify Accounts and Transactions Related to an Illegal Gambling Enterprise | Money Laundering, Other Crimes, Depository Institutions, BSA Violations
Drug Trafficker Pleads Guilty to Structuring and Money Laundering Charges | Narcotics Trafficking, Money Laundering, Depository Institutions, BSA Violations
Cocaine Dealer Sentenced to Life in Prison for Distribution, Structuring, and Money Laundering | Narcotics Trafficking, Money Laundering, Depository Institutions, BSA Violations
SAR Leads to Recovery of Funds Derived from Foreign Corruption | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Corruption
Proactive SAR Review Leads to the Arrest of Army Officer and Recovery of Iraqi War Funds | Money Laundering, Involving SARs, Depository Institutions, BSA Violations, Corruption
Suspicious Activity Report Leads to Arrest and Conviction of U.S. Government Employee for Embezzlement | Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, Casinos and Card Clubs, BSA Violations, Corruption
Suspicious Activity Reports Identify Transactions Linked to Embezzlement of a Tribal Authority | Money Laundering, Involving SARs, Other Crimes, Fraud, Depository Institutions, BSA Violations, Corruption, Tax Crimes
SARs Help Uncover Bid-Rigging Scandal | Money Laundering, Involving SARs, Other Crimes, Fraud, Schemes and Scams, BSA Violations, Corruption
SARs Aid Investigators in Case Where an Auto Dealer Laundered Drug Proceeds | Narcotics Trafficking, Money Laundering, Involving SARs, Depository Institutions
FinCEN Data Proves to be Instrumental in Fraud Case | Narcotics Trafficking, Money Laundering, Involving SARs, Fraud, ID Crimes, Depository Institutions, BSA Violations
Proactive Review of SARs Leads to Long Prison Sentences for Drug Traffickers | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, BSA Violations, Money Services Businesses
SARs Identify Huge Check-Kiting Scheme by Auto Dealer | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
Suspicious Activity Reports Document International Payments Underlying Illicit Human Growth Hormone Trafficking | Money Laundering, Involving SARs, Other Crimes
SARs Reveal Multi-Million Dollar Illicit Business | Money Laundering, Involving SARs, Depository Institutions, BSA Violations