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Tag: Money Laundering

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Actionable Intelligence: The Way Forward for the BSA

November 7, 2018 by Jim Richards

From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... 

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A Brief History of the BSA

November 7, 2018 by Jim Richards

From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... 

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Finding Renewed Purpose in the Bank Secrecy Act

November 7, 2018 by Jim Richards

From its birth on October 26, 1970 as the Foreign Bank Secrecy Act of 1970, through make-overs in 1986 (criminalizing money laundering and structuring), 1990 (establishing FinCEN), 1992 (introducing Suspicious Activity Reports), and 2001 (the biggest make-over with the USA... 

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U.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking Organization

September 27, 2017 by Denise Hutchings

“Narcotics traffickers will attempt to create elaborate financial networks in an effort to launder illegal drug proceeds.” (James Dorsey, Acting Special Agent in Charge IRS Criminal Investigation, June 2017) Heroin Trafficking Organizations Targeted by OFAC In May 2017, Treasury Secretary... 

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U.S. Court Case: 9 Banks and 50 Bank Accounts Exploited by Human Trafficking Ring

February 21, 2017 by Denise Hutchings

“Follow the money and you will find the trafficker… Financial investigation plays a crucial role in successful investigation of trafficking in persons.” An outstanding financial investigation which was conducted in the recent prosecution of a U.S. based human trafficking ring... 

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U.S. Court Case: 5 Cyber-Enabled Financial Crimes

December 4, 2016 by Denise Hutchings

Last week, U.S. authorities in conjunction with international law enforcement issued a press release on the dismantling of a cyber criminal infrastructure known as Avalanche. A joint statement by U.S. agencies noted that “this network hosted more than two dozen... 

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12 Red Flags for “Funnel Accounts” Used to Launder Money

February 25, 2015 by Denise Hutchings

Regulatory and law enforcement agencies are cautioning financial institutions about an increased use of illegal funnel accounts to launder proceeds from human smuggling, human trafficking and drug trafficking crimes. In light of the recent attention on this money laundering trend,...