BSA Efforts Getting Results

WASHINGTON-Figures released by the Financial Crimes Enforcement Network (FinCEN) last month demonstrate that the communication between law enforcement and financial institutions are netting results. According to FinCEN, the 314(a) system-so named for the section of the USA PATRIOT Act, which regulates information sharing between law enforcement and financial institutions-has processed 456 requests submitted by 14 federal agencies from Feb. 1, 2003 – Dec. 6, 2005. Law enforcement organizations have submitted cases in the conduct in 167 terrorism/terrorist financing cases and 289 money laundering cases in that time period. The investigations identified 3,285 subjects of interest. Of these, financial institutions responded with 24,347 total subject matches: 23,372 positive and 975 inconclusive. Law enforcement feedback has been “overwhelmingly positive,” according to FinCEN, resulting in the discovery and/or issuance of: 1,888 New Accounts Identified; 3,080 New Transactions; 1,091 Grand Jury Subpoenas; 13 Search Warrants; 157 Administrative Subpoenas/Summons/Other; 75 Arrests; 70 Indictments; 10 Convictions; for a total of $14,405,053.64 Located from Feb. 1, 2001 through Dec. 6, 2005.