SAR Reports Structuring by Unlicensed MSB
ICE agents and analysts in a state in the Southwest developed information from a SAR that an out-of-state business was structuring deposits of large sums of cash and was operating as an unlicensed MSB. During a two-month period, this business made outgoing wire transfers totaling approximately $1.2 million to Pakistan, India, and Bangladesh. As a result, a state seizure warrant was executed on the bank accounts of this business and agents seized $346,700.58. The business eventually forfeited approximately 75% of the seized proceeds to the state.
Excerpted from SAR Activity Review Issue 6, page 40
First published on 11/01/2003