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

State & Federal Agencies Seize $8.9 Million—Brought Together by Gateway Alert Match Program | Involving CTRs, Involving SARs, Money Laundering
Individual Sentenced for Operating an Unlicensed Money Transmitting Business & Bankruptcy Fraud | Depository Institutions, Involving CTRs, Money Services Businesses
BSA Records Help Investigators Break Multi-Million Dollar Racketeering Scheme in the Trash Hauling Industry | Involving SARs, Other Crimes, Involving CTRs
Bank Secrecy Act Records Lead to Funds for Restitution in Insurance Fraud | Involving CTRs, Insurance Companies
Bank Secrecy Act Records Link Gambling Ring to Structuring at Casinos | Involving SARs, Other Crimes, Involving CTRs, Casinos and Card Clubs, BSA Violations
Bank Secrecy Act Reports Instrumental in Investigation and Conviction of Attorney and Three Accomplices in Multi-Million Dollar Real Estate Fraud | Involving SARs, Fraud, Involving CTRs, Casinos and Card Clubs, Money Services Businesses
Check Cashing Worker Convicted of Money Laundering | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Money Services Businesses
Operation Mule Train | Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, Money Services Businesses
Currency Transaction Reports Expose Drug Traffickers Laundering Profits Through Casinos | Narcotics Trafficking, Involving SARs, Involving CTRs, Casinos and Card Clubs
Illegal Casa De Cambio Launders More Than $5 Million | Money Laundering, Involving SARs, Involving CTRs, Depository Institutions, Money Services Businesses
Suspicious Activity Report Initiates Investigations into Fraud, High-Yield Investment Schemes; Egmont Exchanges Lead to Foreign Accounts and Asset Seizures | Involving SARs, Fraud, Involving CTRs, Schemes and Scams, Depository Institutions, Casinos and Card Clubs, Tax Crimes
Major Credit Card Thief Convicted | Money Laundering, Involving SARs, Fraud, Involving CTRs
Man Pleads Guilty to Laundering $5.9 Million in Drug Proceeds | Narcotics Trafficking, Involving SARs, Involving CTRs, Depository Institutions
Numerous SARs and CTRs Aid in Hawala Investigation | Informal Value Transfer Systems, Involving CTRs, Money Services Businesses
SARs Lead to Conviction of Major Cocaine Trafficker | Narcotics Trafficking, Money Laundering, Involving SARs, Fraud, Involving CTRs, Depository Institutions, Tax Crimes
Biggest Worker’s Compensation Scam in Southern California Totaling More Than $3 Million Dollars | Broker Dealers, Money Laundering, Involving SARs, Fraud, Involving CTRs, Tax Crimes, Insurance Companies
Proactive Bank Secrecy Act Search Leads to Arrest in Ponzi Scheme | Involving SARs, Involving CTRs, Schemes and Scams, Depository Institutions
Proactive SAR Query Leads to Structuring Conviction | Involving CTRs, BSA Violations
Six People Arrested for Allegedly Bilking Millions of Dollars of Goods from Food Bank | Money Laundering, Involving SARs, Involving CTRs, Insurance Companies
Bank Secrecy Act Records Help Initiate Case and Lead to Networking of Separate Investigations | Involving SARs, Other Crimes, Involving CTRs
Stock Fraud Cheats Elderly out of $100 Million | Broker Dealers, Money Laundering, Involving SARs, Involving CTRs
Suspicious Activity Report Details Illicit Check Cashing Activity, Provides Blueprint for Investigation and Indictment | Involving SARs, Involving CTRs, Depository Institutions, BSA Violations, Money Services Businesses, Check Crimes
BSA Filings Identify Financial Scams Bilking Investors out of $2.2 Million | Broker Dealers, Money Laundering, Involving SARs, ID Crimes, Involving CTRs
Suspicious Activity Reports Aid Conviction of Drug Dealers | Narcotics Trafficking, Money Laundering, Involving SARs, Involving CTRs, Depository Institutions
Analysis of SAR Filings and CTRs Leads to Indictments of Criminal Organization | Money Laundering, Involving SARs, Involving CTRs