Financial institutions’ reports to the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) revealed about $17.5 billion in suspicious financial activity related to health care, according to a FinCEN analysis.
Banks, casinos, financial firms, money services businesses, and others are required under the Bank Secrecy Act (BSA) to notify FinCEN of any suspicious activity they detect among their customers. Financial institutions submit thousands of BSA reports annually.
