New York Gov. Eliot Spitzer resigned after revelations that he is under investigation for his alleged involvement with a high-priced prostitution service. Spitzer’s name made the headlines, but the real news to financial institutions is that this investigation was spurred by SARs filed by two New York banks (North Fork Bank and HSBC) with the U.S. Treasury department and the Internal Revenue Service after Spitzer moved large sums of cash in bank accounts he controlled. A structured transaction, according to the Bank Secrecy Act (BSA) exam manual, is used to evade BSA reporting requirements.”]
Source: https://www.bankinfosecurity.com/anti-money-laundering-reports-help-take-down-ny-governor-a-754