Tax Evasion and Tax Fraud - What it means to you when monitoring BSA and filing SARs

Why Should You Attend:

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.

Areas Covered in the Webinar:

• Resources.
• What’s the difference? Tax Evasion vs Tax Fraud
• Why do I care?
• Definitions
• 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

Recently Asked Questions:

1. Is there a published list of high-risk NAICS codes?
2. Are there any sources for typical business activity for different types of businesses? For example xx% of a liquor store deposits are normally in cash.

Who Will Benefit:

• Financial Officers
• Bank Secrecy Act Officers
• Front Line Staff
• Risk Officers
• Operational Managers

Doug Keipper
Certified Anti-Money Laundering Specialist, Leading Bank

Doug Keipper, is a Certified Anti-Money Laundering Specialist (CAMS) since 2005 and a Bank Secrecy Act Officer for a $1 billion dollar bank.
Doug sold BSA software for eight years and has taught anti-money laundering classes since 2008 throughout the southeast and online.
He has talked with over 500 BSA officers throughout the USA and Caribbean.
He has spent over 20 years in retail banking, wholesale mortgages and financial services.

Topic Background:

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:

• April 2, 2013 Dolce & Gabbana Designer furious over $440 million tax evasion fine
• March 29, 2013 Stephen Baldwin pleads guilty in tax case, ordered to pay $400 K back taxes
• March 14, 2013 Olathe businessman pleads guilty to tax evasion
• March 15, 2013 Mechanicsburg man charged with tax evasion
• April 6, 2013 Wesley Snipes released from prison after tax evasion
• March 26, 2013 Michigan theater owner gets year in prison for tax evasion

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