Suspicious Activity Reported by Casinos

Follow-up analysis of SAR reporting on ATM transactions (see FinCEN SAR Bulletin Vol. 1, No.1, June 1999) confirms a continuing trend in suspicious transactions in which funds are wired to/through a U.S. financial institution from a foreign source and then withdrawn in cash in a third country using ATMs. SARs indicate such ATM withdrawals in at least 57 nations, with the highest incidence in Colombia (408 occurrences), followed by Venezuela (145), Mexico (119), and Argentina (31). The wire transfers that start the cycle originate primarily in Switzerland, Italy, Germany, and England. Amounts up to several hundred thousand dollars have been withdrawn over several months using this method.

Excerpted from SAR Activity Review October 2000 Issue , page 13