Bank Secrecy Act requires financial institutions to assist government agencies to detect and prevent money laundering. In May 2013 FinCEN published issue #23 of The SAR Activity Review Trends Tips & Issues. Table 2 documents the most frequent activities defined in Category S – Other. Tax Fraud or Evasion makes up 22% of those cases. FinCEN goes on to discuss an Overview of Correspondent Banks, Tax Havens, Shell, Shelf and Offshore Companies and Trusts. They also discuss Tax Fraud or Evasion in their section on Significant Money Laundering Trends and Patterns by Accountants or CPAs. If FinCEN is giving this much time and attention to this topic, so should you.
Look at some of the headlines just from this year alone:
• Rody accuses newspaper owners of tax evasion.
• UK woman arrested, millions recovered in tax probe
• Caterpillar Is Accused in Report to Federal Investigators of Tax Fraud
• Sylvain Marveaux briefly detained in tax fraud investigation
• Star of 'American Guns' convicted of fraud, tax evasion
Tax Evasion and Tax Fraud are at the cornerstone of an effective BSA/AML compliance program. Effective monitoring and proper understanding of the topic are required to accurately describe the transactions on a Suspicious Activity Form.
This webinar will address the types of transactions and give you examples of how to drill down further to assess those risks.
• What’s the difference? Tax Evasion vs Tax Fraud
• Why do I care?
• Why it matters
• Global Tax Evasion
• The Swiss Connection
• Tax Havens
• Ties to Money Laundering and Terrorism
• FATCA. Foreign Account Tax Compliance Act
• Identity Theft and Tax Fraud
• FinCEN & Red Flags
Doug Keipper, is a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and former BSA officer and compliance officer for an $800M commercial bank in Atlanta before it sold twice in one year. He has taught anti-money laundering throughout the southeast and on-line since 2008. He has spent over 20 years in retail banking, wholesale mortgages and financial services.