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…
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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…
FinCEN is issuing this Notice to provide administrative relief to sellers and providers of prepaid access that would otherwise be subject to certain Bank Secrecy Act ("BSA") requirements imposed by a final rule published on July 29, 2011 (the "Final Rule").1 As a result of this…
A multi-agency task force, led by the Bureau of Immigration and Customs Enforcement and including the Federal Bureau of Investigation and Internal Revenue Service Criminal Investigation, is investigating violations related to money laundering, tax fraud and material support to terrorism. As a…
A U.S. Customs Service investigation in Houston of a criminal organization involved in the repackaging and exportation of stolen commercial baby formula was aided by an analysis of SAR filings and CTRs. The criminal network, which operated in several states, laundered their illicit profits…
The U.S. Court of Appeals for the Sixth Circuit affirmed the conviction of David Middleton for attempting to evade or defeat income tax in violation of 26 U.S.C. 7201. The case arose from a SAR filed by a bank employee. Middleton was a real estate agent who formed several companies through which…
An attorney was sentenced to more than four years probation based on a conviction for mail fraud and structuring of currency transactions. The attorney was also ordered to pay nearly $3 million in restitution to the victims of the various schemes and ordered to cooperate with the Internal
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A Drug Enforcement Administration (DEA) investigation into a local cocaine and marijuana trafficker involved more than one cooperating source who knew of the trafficker but had no biographical data. A SAR was located that identified the trafficker, provided biographical data and notations that…
In May 2003, two individuals pled guilty to first-degree money laundering charges. One defendant was sentenced to 12 years incarceration, and ordered to pay $500,000 to the Anti-Money Laundering Profiteering Fund. The second defendant was sentenced to 18 years incarceration. A month earlier, in…
In late 2006, a United States Attorney’s Office secured a guilty plea in a major racketeering case involving trash collectors and organized crime. The multi-state investigation included ten federal, state, and local agencies and resulted in a multiple-count indictment. Hundreds of BSA records…