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

BSA Documents Lead to Repatriation & Seizure of over $9 Million Generated by Illegal Internet Pharmacy | Depository Institutions, Involving SARs, Money Services Businesses, Other Crimes
SAR Filing Results in Arrests on Drug Trafficking and Money Laundering | Depository Institutions, Involving SARs, Money Laundering, Narcotics Trafficking
Individual Sentenced for Operating an Unlicensed Money Transmitting Business & Bankruptcy Fraud | Depository Institutions, Involving CTRs, Money Services Businesses
State & Federal Agencies Seize $8.9 Million—Brought Together by Gateway Alert Match Program | Involving CTRs, Involving SARs, Money Laundering
Bank Secrecy Act Data Is an Integral Component of the FBI’s Geographic Information Mapping Technology | Involving SARs, Terrorism
Money Remitting Business Laundering Drug Proceeds | Narcotics Trafficking, Involving SARs, Money Services Businesses
SAR Initiates Investigation of Illegal Money Transfers to Iran | Involving SARs, Other Crimes
Suspicious Activity Report Leads to Conviction of Chief Executive | Involving SARs, Fraud, Depository Institutions
Corrupt Official Convicted on Numerous Charges Including Structuring | Involving SARs, Other Crimes, Fraud, Depository Institutions, BSA Violations, Corruption, Tax Crimes
Suspicious Activity Reports Document Transactions of International Fraud Ring | Involving SARs, Fraud, ID Crimes, Depository Institutions, BSA Violations, Money Services Businesses
Doctor Pleads Guilty to Charges Related to Failure to Comply with BSA Reporting Requirements for Overseas Accounts | Depository Institutions, Tax Crimes
Bank Secrecy Act Records Help Initiate Case and Lead to Networking of Separate Investigations | Involving SARs, Other Crimes, Involving CTRs
Operation Cheque Mate | Broker Dealers
SAR Leads to Convictions of Members of Computer Chip Theft Ring | Money Laundering, Involving SARs, Depository Institutions, Tax Crimes
Suspicious Activity Report Leads to Structuring Conviction and Links to Drug Investigation | Narcotics Trafficking, Involving SARs, Depository Institutions, BSA Violations
SARs Help Uncover Bid-Rigging Scandal | Money Laundering, Involving SARs, Other Crimes, Fraud, Schemes and Scams, BSA Violations, Corruption
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
State Agency Case Example (Money Services) | Money Services Businesses
Bank Secrecy Act Records “Extremely Helpful” in Tracing Proceeds from Fraudulent Venture Capital Scheme | Broker Dealers
Owner of Service Company Sentenced in Tax Evasion Scheme | Involving SARs, Tax Crimes
SAR Reports Structuring by Unlicensed Msb | BSA Violations, Money Services Businesses
Suspicious Activity Reports Aid in Ponzi Scheme Investigation | Involving SARs, Involving CTRs, Schemes and Scams, Casinos and Card Clubs
FinCEN Data Proves to be Instrumental in Fraud Case | Narcotics Trafficking, Money Laundering, Involving SARs, Fraud, ID Crimes, Depository Institutions, BSA Violations
Proactive SAR Review Leads to Guilty Plea on Conspiracy and Money Laundering Charges | Money Laundering, Involving SARs, Fraud, Tax Crimes
Local Municipality Case Example (Failure to Follow Reporting Requirements) | Jewelers, Involving CTRs, Money Services Businesses, Check Crimes