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

Attorney Sentenced in Fraud Case | Involving SARs, Fraud, BSA Violations
BSA Records, 314(a) Request Assists Investigation of International Money Laundering Using Stored Value Cards | Money Laundering, Involving SARs, Other Crimes, Fraud, ID Crimes
Bank Secrecy Act Records Found in Real Estate Fraud Case Lead to Separate $1.5 Million Embezzlement Scheme | Involving SARs, Fraud, Schemes and Scams
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
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
Check Kite Nets Two | Involving SARs, Fraud, Check Crimes
Credit Union Files Suspicious Activity Report and Helps Launch Bank Fraud, International Payment Transfers Investigation | Money Laundering, Involving SARs, Fraud, Depository Institutions, BSA Violations, Check Crimes
Major Credit Card Thief Convicted | Money Laundering, Involving SARs, Fraud, Involving CTRs
Metal Traders Charged in International Bank Fraud Scheme | Involving SARs, Fraud
SARs Lead to Conviction of Major Cocaine Trafficker | Narcotics Trafficking, Money Laundering, Involving SARs, Fraud, Involving CTRs, Depository Institutions, Tax Crimes
One Hundred SARs Help Outline Size and Scope of Fraudulent Mortgage Elimination Scheme | Involving SARs, Fraud, Depository Institutions
Purported Charity Attempts to Evade Reporting Requirements | Involving SARs, Fraud, Depository Institutions
Reports Filed Under the BSA Critical to Largest Medicaid Fraud Case in the Nation | Money Laundering, Involving SARs, Fraud
Retail Store Owner Sentenced for Unlicensed Hawala Operation | Informal Value Transfer Systems, Involving SARs, Fraud, Money Services Businesses, Tax Crimes
SAR Filing Leads to Identification of Elaborate Ponzi Schemes | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, BSA Violations
SAR Filing Uncovers Investment Fraud Scheme | Involving SARs, Fraud, Schemes and Scams
SAR Filings Lead to Discovery of Major Investment Scam | Broker Dealers, Money Laundering, Involving SARs, Fraud, BSA Violations
SAR Reveals Bank Fraud and Money Laundering Violations by Rv Dealer | Money Laundering, Involving SARs, Fraud, Depository Institutions
SAR Unveils Network of Brazilians Involved in a Stolen Check Scheme | Money Laundering, Involving SARs, Fraud, ID Crimes, Check Crimes
SARs Assist in Bankruptcy Bust-out Scheme Investigation | Involving SARs, Fraud, Check Crimes
SARs Assist in Conviction of Pharmacist | Money Laundering, Involving SARs, Fraud
SARs Identify Internal Fraud at Local Bank | Involving SARs, Fraud, Depository Institutions
SARs Lead to Conviction of Former Investment Firm CEO | Involving SARs, Fraud, Schemes and Scams, Tax Crimes
SARs Result in Sentencing of Family Members in Bankruptcy Fraud Case | Broker Dealers, Involving SARs, Fraud, Depository Institutions, BSA Violations
314(a) Results Greatly Enhance Case Involving Material Support to Terrorism | Money Laundering, Involving SARs, Fraud, Terrorism, Tax Crimes