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The deadline to file a Report of Foreign Bank and Financial Accounts form ("FBAR") with the U.S. Department of the Treasury, in accordance with 31 CFR 103.24, for each calendar year is on or before June 30th of the following year. Thus, the deadline to file the FBAR for calendar year 2001 is…

This FinCEN interpretive guidance clarifies that reports filed with the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) of blocked transactions with Specially Designated Global Terrorists, Specially Designated Terrorists, Foreign Terrorist Organizations, Specially…

An individual was recently sentenced in United States District Court to six months in prison for operating an unlicensed money transmitter business and for bankruptcy fraud. The subject was also ordered to forfeit over $25,000. This case was initiated after the review of numerous Suspicious…

The Financial Crimes Enforcement Network is issuing this advisory to U.S. financial institutions so that they may guard against threats of illicit Iranian activity related to money laundering, terrorist financing and weapons of mass destruction proliferation financing. The Financial Action Task…

A multi-agency money laundering/marijuana trafficking investigation was initiated following the filing of a SAR by a bank in Tennessee. The SAR disclosed that an individual was depositing large amounts of U.S. currency into three bank accounts. The deposits ranged from $5,000 to $25,000 with the…

A case initiated through a SAR review team identified a money remitter structuring transactions through multiple banks and accounts. Although registered withFinCEN, he did not properly license his business with state authorities. The banks initially became suspicious when he used his personal…

In a case where a corrupt politician extorted money from his constituents, investigators examining his financial records found numerous instances of structuring. In fact, three different banks filed SARs on the defendant detailing unusual transactions. Prosecutors charged the official with…

A federal law enforcement investigation led to the conviction of a mortgage broker who structured more than $500,000 into multiple accounts at various financial institutions. As part of the defendant’s guilty plea to structuring, he admitted that he structured specifically to avoid the Bank…

An individual walked into a Pennsylvania bank and opened one individual account and two business accounts. The individual then walked across the street to a different bank and opened three additional accounts. Unbeknownst to the individual, these two banks were in the process of merging and his…

An elected official structured transactions in an attempt to disguise from the IRS his earnings from personal businesses. Investigators discovered the structuring after reviewing SARs filed by banks that detailed the illicit transactions.

The official operated a retail business and law…