State Coordinator’s Case Example (Welfare Fraud) | Involving SARs, Fraud, Involving CTRs, Money Services Businesses
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:
- FinCEN Announces Recipients of Its Law Enforcement Awards During Tenth Annual Ceremony (2024)
- FinCEN Holds Annual Ceremony to Recognize Law Enforcement Cases Supported by BSA Data (2023)
- Annual FinCEN Program Recognizes Law Enforcement Cases Supported by BSA Data (2022)
- FinCEN Recognizes the Significant Impact of Bank Secrecy Act Data on Law Enforcement Efforts (2021)
- FinCEN Recognizes Law Enforcement Cases Significantly Impacted by Bank Secrecy Act Filings (2020)
- FinCEN Holds Fifth Annual Awards Program to Recognize Importance of Bank Secrecy Act Reporting by Financial Institutions (2019)
- FinCEN Director’s Law Enforcement Awards Program Recognizes Significance of BSA Reporting by Financial Institutions (2018)
- FinCEN Awards Recognize Law Enforcement Success Stories Supported by Bank Secrecy Act Reporting (2017)
- FinCEN Awards Recognize Partnership Between Law Enforcement and Financial Institutions to Fight Financial Crime (2016)
- FinCEN Recognizes High-Impact Law Enforcement Cases Furthered through Financial Institution Reporting (2015)
Search Case Examples Prior to 2015 Using the Drop-Down Menu Below
Local Municipality Case Example (Drugs and Money Laundering) | Narcotics Trafficking, Money Laundering
Local Municipality Case Example (SARs/CTRs Lead to Asset Forfeiture) | Narcotics Trafficking, Involving SARs, Involving CTRs, Depository Institutions, BSA Violations
Local Municipality Case Example (Stolen Cars) | Other Crimes
Local Municipality Case Example (Narcotics Trafficking, Money Laundering, and Mortgage Fraud) | Narcotics Trafficking, Money Laundering, Fraud, Involving CTRs, Depository Institutions
Local Municipality Case Example (Failure to Follow Reporting Requirements) | Jewelers, Involving CTRs, Money Services Businesses, Check Crimes
Local Municipality Case Example (Illegal Exports) | Money Laundering, Involving SARs, Depository Institutions, BSA Violations
State Agency Case Example (Taxes) | Depository Institutions, Insurance Companies
State Agency Case Example (Money Services) | Money Services Businesses
State Coordinator’s Case Example (Identity Theft) | Involving SARs, ID Crimes, Depository Institutions
Proactive Currency Transaction Report Reviews Lead to Tax Cheats | Involving CTRs, Money Services Businesses, Tax Crimes
Doctor Pleads Guilty to Charges Related to Failure to Comply with BSA Reporting Requirements for Overseas Accounts | Depository Institutions, Tax Crimes
SARs Lead to Recovery of Funds Derived from Medical Fraud | Involving SARs, Fraud, Depository Institutions
SAR Jump-Starts Investigation into Natural Resources Ponzi Scheme | Money Laundering, Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
Securities Dealer Provides Details of High Yield Investment Program Scheme | Broker Dealers, Money Laundering, Involving SARs, Fraud
Guilty Pleas in International Hedge Fund Fraud Case Initiated from SARs | Broker Dealers, Involving SARs, Fraud, Schemes and Scams, Depository Institutions
SARs Are Catalyst in Investigation of $13.1 Million Tax Fraud Conspiracy | Involving SARs, Fraud, ID Crimes, Depository Institutions, Tax Crimes
Suspicious Activity Reports Describe Marijuana Traffickers’ Attempt to Wash, Dry, and Iron “Dirty” Currency | Narcotics Trafficking, Money Laundering, Involving SARs, Other Crimes, Depository Institutions, BSA Violations
BSA Records “Critical” in Conviction of Money Launderer in Organized Retail Theft Case | Money Laundering, Involving SARs, Other Crimes, Depository Institutions, BSA Violations, Money Services Businesses
SAR Review Team Identifies Gift Shop Operating as an Unregistered Money Services Business | Involving SARs, Depository Institutions, BSA Violations, Money Services Businesses
Proactive SAR Review Uncovers $15 Million Securities Conversion Scheme | Broker Dealers, Involving SARs, Fraud, Depository Institutions
SAR Leads to Structuring Conviction for Mortgage Broker | Involving SARs, Fraud, BSA Violations, Check Crimes
Proactive SAR Review Leads to Guilty Plea on Conspiracy and Money Laundering Charges | Money Laundering, Involving SARs, Fraud, Tax Crimes
Bank SARs Lead to Discovery of Predatory Certificate of Deposit Fraud Scheme | Involving SARs, Fraud, Schemes and Scams, Depository Institutions, Check Crimes
Restaurant Owner Pleads Guilty to a Charge of Structuring Bank Deposits | Narcotics Trafficking, Involving SARs, Depository Institutions, BSA Violations, Tax Crimes