FinCEN has extended for another two years a conditional exception to the strict operation of the "Travel Rule" (31 CFR 103.33(g)). The Travel Rule requires a financial institution to include certain information in transmittal orders relating to transmittals of funds of 3,000 or more. This…
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The Financial Crimes Enforcement Network (FinCEN) receives numerous questions concerning compliance with the Bank Secrecy Act (BSA) recordkeeping requirement found in 31 C.F.R. §103.29. This section requires financial institutions to verify a customer’s identity and retain…
This serves notice that the Director of the Financial Crimes Enforcement Network (FinCEN) has granted a waiver from civil money penalties for violations of the Bank Secrecy Act, 31 U.S.C. 5314, and its implementing regulation, 31 C.F.R. Part 103.24, to persons who enter into settlement and…
The Financial Crimes Enforcement Network has an obligation to ensure that data collected under the Bank Secrecy Act are properly collected, securely maintained and appropriately disseminated. Following the unauthorized and unlawful disclosures of certain Suspicious Activity Reports to the press…
The Federal Bureau of Investigation opened an investigation based upon information in SARs filed by banks indicating significant check kiting activity. The subjects operated a number of small businesses in the area. Over the course of approximately two years, the subjects conducted a check kite…
The Newark, New Jersey’s U.S. Attorney’s Office and the IRS utilized reports filed under the BSA to help build the largest Medicaid fraud case in the nation to date. This multi-agency investigation, also involving the FBI and the FDA, uncovered a New Jersey pharmacist who defrauded the Medicaid…
Information generated from cooperating individuals during Operations Cornerstone, a major narcotics trafficking investigation in the Miami area, revealed narco-traffickers placed their drug proceeds into investments in the insurance industry. Policies were identified in various Channel Island…
In 2003, Bureau of Immigration and Customs Enforcement agents initiated an investigation of several non-profit organizations in the United States. These were all registered as tax-exempt organizations. The investigation revealed the organizations were operating as illegal wire remitting…