FinCEN Files: the story on HearLore

Global Investigative Journalism

BuzzFeed News shared the stolen data with the International Consortium of Investigative Journalists for analysis. Four hundred journalists from eighty-eight countries worked together to examine the files before their public release. The Miami Herald described these records as the most detailed U.S. Treasury documents ever leaked. Despite the massive scale, the leaked set represented less than 0.02% of all suspicious activity reports filed during that period. Investigators found that most reports were never read or acted upon by government agencies. The collaboration revealed how easily information could be hidden even when it was officially recorded.

Banking System Failures

Deutsche Bank accounted for sixty-two percent of the leaked filings in this investigation. The bank processed $1.3 trillion worth of suspicious transactions despite facing hundreds of millions in fines for violating sanctions. HSBC faced scrutiny for laundering money on behalf of drug cartels while under a deferred prosecution agreement. Barclays Bank facilitated transfers for Arkady Rotenberg, a close associate of Vladimir Putin who is currently sanctioned. These institutions continued to operate globally even after regulators flagged their activities repeatedly. Critics argued that fines became merely a cost of doing business rather than a deterrent.

What are the FinCEN Files and when were they published?

The FinCEN Files refer to 2,657 financial documents leaked from the U.S. Treasury's Financial Crimes Enforcement Network that BuzzFeed News published on the 20th of September 2020.

How much money was involved in the suspicious transactions within the FinCEN Files?

The total value of over 200,000 transactions covered by these files exceeded one trillion dollars between 1999 and 2017.

Which bank accounted for the largest share of filings in the FinCEN Files investigation?

Deutsche Bank accounted for sixty-two percent of the leaked filings while processing $1.3 trillion worth of suspicious transactions despite facing hundreds of millions in fines.

Who leaked the FinCEN Files to journalists and what happened to them?

Natalie Mayflower Sours Edwards admitted to leaking the reports to BuzzFeed News in June 2021 and was sentenced to six months in federal prison for releasing other SAR documents.

When did regulators announce changes to their programs after the FinCEN Files leak?

FinCEN announced on the 16th of September 2020 that they would be overhauling their money laundering programs following public scrutiny of the data.

FinCEN Files.

Global Investigative Journalism

Banking System Failures

Continue Browsing

Common questions

What are the FinCEN Files and when were they published?

How much money was involved in the suspicious transactions within the FinCEN Files?

Which bank accounted for the largest share of filings in the FinCEN Files investigation?

Who leaked the FinCEN Files to journalists and what happened to them?

When did regulators announce changes to their programs after the FinCEN Files leak?

High-Profile Criminal Schemes

Regional Corruption Networks

Governmental Responses And Reforms

Whistleblower Legal Consequences