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

Individual Sentenced for Operating an Unlicensed Money Transmitting Business & Bankruptcy Fraud | Depository Institutions, Involving CTRs, Money Services Businesses
SAR Filing Results in Arrests on Drug Trafficking and Money Laundering | Depository Institutions, Involving SARs, Money Laundering, Narcotics Trafficking
State & Federal Agencies Seize $8.9 Million—Brought Together by Gateway Alert Match Program | Involving CTRs, Involving SARs, Money Laundering
BSA Documents Lead to Repatriation & Seizure of over $9 Million Generated by Illegal Internet Pharmacy | Depository Institutions, Involving SARs, Money Services Businesses, Other Crimes
Bogus Life Insurance Investment Vehicles Identified through SAR Filing | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Insurance Companies
Organized Crime Network Attacked With the Help of SARs | Involving SARs, Other Crimes
Drug Trafficker Pleads Guilty to Structuring and Money Laundering Charges | Narcotics Trafficking, Money Laundering, Depository Institutions, BSA Violations
Proactive Suspicious Activity Report Review Leads to Guilty Plea for Money Remitter Structuring Transactions | Involving SARs, Depository Institutions, BSA Violations, Money Services Businesses
Bank Secrecy Act Records Assist in Mortgage Fraud Investigation Resulting in Guilty Plea | Involving SARs, Fraud, Involving CTRs, Depository Institutions, BSA Violations, Money Services Businesses
Local Municipality Case Example (Illegal Exports) | Money Laundering, Involving SARs, Depository Institutions, BSA Violations
SAR Leads to Structuring Conviction for Mortgage Broker | Involving SARs, Fraud, BSA Violations, Check Crimes
Suspicious Activity Report Credited with Revealing Bank Fraud Scheme and Unraveling Auto Insurance Fraud Ring that Nets Principal Defendant Nearly $1.3 Million and a Nine-Year Prison Term | Involving SARs, Fraud, Depository Institutions, Check Crimes
SARs Are Catalyst in Investigation of $13.1 Million Tax Fraud Conspiracy | Involving SARs, Fraud, ID Crimes, Depository Institutions, Tax Crimes
SAR Jump-Starts Investigation into Natural Resources Ponzi Scheme | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
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
Suspicious Activity Report Leads to the Investigation and Conviction of Elected Official | Involving SARs, Fraud, Depository Institutions, BSA Violations, Money Services Businesses, Check Crimes
Bank Secrecy Act Reports Cast Doubts on Alleged Victim's Story, Lead to Investigation and Indictment for Money Laundering and Operating an Illegal Online Pharmacy | Narcotics Trafficking, Money Laundering, Involving SARs, Other Crimes, Involving CTRs, Depository Institutions, Casinos and Card Clubs, Money Services Businesses
Business Accused of Structuring | BSA Violations, Money Services Businesses
SARs Lead to Recovery of Funds Derived from Medical Fraud | Involving SARs, Fraud, Depository Institutions
Proactive Suspicious Activity Report Review Leads to Guilty Pleas in “Cash Back” Mortgage Fraud Scheme | Involving SARs, Fraud, Involving CTRs, Schemes and Scams, Depository Institutions, BSA Violations
Corrupt Official Convicted on Numerous Charges Including Structuring | Involving SARs, Other Crimes, Fraud, Depository Institutions, BSA Violations, Corruption, Tax Crimes
SAR Leads to Former Deputy Sheriff Sentenced for Extortion and Title 31 Violations | Involving SARs, Other Crimes, Depository Institutions, BSA Violations
Conviction for Making False Statements | Other Crimes, Fraud, Depository Institutions
SARs Reveal Multi-Million Dollar Illicit Business | Money Laundering, Involving SARs, Depository Institutions, BSA Violations
Suspicious Activity Report Initiates Material Support of Terrorism Investigation | Depository Institutions, Money Services Businesses