Tax Evasion and Tax Fraud - What it means to you when monitoring BSA and filing SARs
Duration: 60 Minutes
This training on BSA compliance will help you understand the concept of tax evasion and tax fraud and the difference between the two. Learn the best practices to identify tax fraud and how to report suspicious activity.
Objectives of the Presentation
Why Should you Attend
- What's the difference? Tax Evasion vs. Tax Fraud
- Why it matters
- Global Tax Evasion
- The Swiss Connection
- Tax Havens
Tax Evasion and Tax Fraud are at the cornerstone of an effective BSA/AML compliance program. Effective monitoring and proper understanding of the topic is 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.
Who will Benefit
- Why do I care?
- FATCA. Foreign Account Tax Compliance Act
- Identity Theft and Tax Fraud
- Ties to Money Laundering and Terrorism
- FinCEN & Red Flags
- Financial Officers
- Bank Secrecy Act Officers
- Front Line Staff
- Risk Officers
- Operational Managers
Bank Secrecy Act requires financial institutions to assist government agencies to detect and prevent money laundering. The Financial Crime Enforcement Network (FinCEN) publishes The SAR Activity Review Trends Tips & Issues. Tax Fraud or Evasion makes up 22% of "Other" 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