Regulatory Alerts2002-01-31 | PDF OnlyAdded · Updated
Aspects of Financial Transactions Indicative of Terrorist Funding
The Financial Crimes Enforcement Network (FinCEN) provides synopses of five case examples derived from Suspicious Activity Reports (SARs) and Bank Secrecy Act (BSA) information to alert financial institutions to transactions and methods indicative of terrorist funding. The bulletin outlines specific indicators of fundraising activity, such as structuring transactions under reporting thresholds, using business accounts for unusual wire transfers, and funneling funds to foreign beneficiaries in countries associated with terrorist activity. It establishes a voluntary Financial Institutions Hotline for reporting suspicious transactions related to recent or potential terrorist activity, while clarifying that hotline use does not negate the regulatory obligation to file SARs with the IRS Detroit Computing Center.