FinCEN Year in Review for FY 2023

The document reports that FinCEN received approximately 4.6 million Suspicious Activity Reports and 20.8 million Currency Transaction Reports from 294,000 registered financial institutions and other e-filers in FY23. It details that 472 federal, state, local, and national security agencies have access to Bank Secrecy Act data, with authorized users conducting over 2.3 million searches via FinCEN Query. The review notes the issuance of four civil money penalties totaling $60,780,829 and the facilitation of $100 million in frozen funds through the Rapid Response Program. Additionally, FinCEN co-hosted 14 FinCEN Exchanges and published Financial Trend Analysis Reports pursuant to the Anti-Money Laundering Act of 2020.

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Financial Crimes Enforcement Network (FinCEN) Year in Review for FY 2023 T he mission of FinCEN is to safeguard the financial system from illicit use, combat money laundering and its related crimes including terrorism, and promote national security through the strategic use of financial authorities and the collection, analysis, and dissemination of financial intelligence.

Bank Secrecy Act (BSA) Data Advances Law Enforcement Mission* Internal Revenue Service – Criminal Investigation (IRS-CI) IRS-CI identifies BSA data as a critical element of its complex cases. IRS-CI cited the following statistics:
Federal Bureau of Investigation (FBI)
FBI Case Program
FBI Subjects with SARs in
FY23
SAR Count in FY23
FBI Subjects with CTRs in
FY23
CTR Count in FY23
COMPLEX FINANCIAL CRIME PROGRAM 5,320 11,655 2,250 11,368 INTERNATIONAL TERRORISM PROGRAM 325 585 182 860 ORGANIZED CRIME DRUG ENFORCEMENT PROGRAM 3,006 4,700 1,564 6,087 PUBLIC CORRUPTION PROGRAM 1,059 1,823 621 2,430 TRANSNATIONAL ORGANIZED CRIME PROGRAM 1,657 3,164 978 5,890 In FY23, nearly 15.42% of active FBI investigations were directly linked to Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) In FY23, 36.9% of FBI’s active Organized Crime Drug Enforcement Task Force investigations were directly linked to SARs and CTRs In FY23, 33.8% of FBI’s active Complex Financial Crime investigations were directly linked to SARs and CTRs In FY23, 22.1% of FBI’s active Transnational Organized Crime investigations were directly linked to SARs and CTRs In FY23, 27.6% of FBI’s active Public Corruption investigations were directly linked to SARs and CTRs In FY23, 14.8% of FBI’s active International Terrorism investigations were directly linked to SARs and CTRs Homeland Security Investigations (HSI) for FY23 *All statistics are approximate. M = Million

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Source: Financial Crimes Enforcement Network — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works