Skip to content

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

Filed under: 
Filed under security as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics