Bank Secrecy Act filings have been used in nearly every financial crime investigation conducted by IRS Criminal Investigation, “underscoring the integral role BSA data has in uncovering and prosecuting financial crimes across the country,” according to a new report by the agency.
Last year, 94% of IRS-CI cases were searched against BSA data, resulting in more than 3.9 million searches of BSA filings, according to the agency. Nearly 80% of IRS-CI investigations had primary subjects associated with suspicious activity reports, and nearly 67% had primary subjects associated with currency transaction reports.
The use of BSA filings by IRS-CI resulted in an 98% conviction rate, an average prison sentence of 42 months, more than $450 million in asset forfeitures, and nearly $500 million in restitution for crime victims, the report said.
“BSA data is often the first signal that something isn’t right,” IRS-CI Chief Guy Ficco said. “These filings become essential puzzle pieces in identifying patterns, following financial trails and building cases that protect taxpayers.”
