United States
United States
BlogDeconstructing the Currency Transaction ReportFebruary 18, 2020 by Jim Richards With FinCEN reporting increases in BSA report filings year over year, it is likely that over 16 million Currency Transaction Reports, or CTRs, were filed in 2019, each one reporting one or more cash transactions made by or on behalf... |
BlogThe Bank Secrecy Act Doesn’t Really ExistJanuary 15, 2020 by Jim Richards Happy New Year! Happy New Decade! But most importantly, Happy 50th Anniversary of the Bank Secrecy Act! Yes, the (so-called) Bank Secrecy Act was passed fifty years ago this October. As every BSA/AML professional knows, the Bank Secrecy Act was first made... |
BlogActionable Intelligence: The Way Forward for the BSANovember 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... |
BlogA Brief History of the BSANovember 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... |
BlogFinding Renewed Purpose in the Bank Secrecy ActNovember 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... |
BlogU.S. Court Case: 60 Funnel Accounts Used by Heroin Trafficking OrganizationSeptember 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... |
BlogU.S. Court Case: 9 Banks and 50 Bank Accounts Exploited by Human Trafficking RingFebruary 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... |
BlogU.S. Court Case: 5 Cyber-Enabled Financial CrimesDecember 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... |
Blog12 Red Flags for “Funnel Accounts” Used to Launder MoneyFebruary 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,... |
