We here at Forletta Investigative/Security Consultant know how hard it is to navigate the maze of legal issues facing business owners and local government agencies these days. We also believe, however, that it’s important for them to be informed of the rights and recourse available to them based on federal legislature.
With that in mind, this is the first in a short series of informative blog-posts designed to clear up some of the things in which we at Forletta specialize, and what they mean to you.
First in line is the Bank Secrecy Act.
First passed in 1970, the Bank Secrecy Act (or, BSA) was put in place to provide federal agencies with resources to prevent the abuse of financial systems. Specifically targeting money laundering, the BSA gives investigators resources to follow transactions that involve the purchase of “Negotiable Instruments” over a certain aggregate dollar amount.
The primary method of enforcing the BSA is something known as a CTR—a Currency Transaction Report. Skipping all of the complicated legalese, a CTR’s primary function is to record transactions that involve cash amounts of $10,000 or over. Often times, suspicious financial transactions hide behind the exchange of cash for these “Negotiable Instruments”—which is to say, a more complicated form of a basic check—in order to avoid leaving a paper trail. These CTR’s are a way to provide a paper trail even if someone is looking for a way to hide their tracks.
Of course, the system isn’t completely secure. Every day, criminals find new ways to hide their activities and circumvent the law. Law enforcement professionals and organizations such as ours are constantly seeking new ways to keep criminals from taking advantage of their victims.
It’s important to know your options when something bad happens. We here atForletta Investigative/Security Consultant can help you build a case no matter what your circumstances, but it always helps to know what your circumstances are.
Your knowledge is a tool, and Forletta Investigative/Security Consultant can help you use it. If you believe you’ve been taken advantage of, contact your friendly Pittsburgh PA Fraud Investigators today for a consultation.