In Episode 5 of AML Uncovered, we sit down with Steve Kircher of the New Jersey Attorney General’s Office to explore the front lines of securities fraud and financial crime enforcement. Steve shares his path from local police officer to certified fraud examiner— and how it led him to prosecuting complex financial cases at the state level. The conversation dives into the critical role that Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) play in building investigations, how state agencies coordinate with federal and local partners, and why smaller businesses often struggle to implement the internal controls needed to prevent fraud.
Topics covered include:
[04:14] Whether it’s a federal agency passing down a case that doesn’t meet their threshold, or a local agency lacking the resources to investigate a complex fraud, Steve walks through the multi-tiered referral process and what determines whether a case is taken on at the state level.
[07:48] Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) aren’t just compliance checkboxes—they’re key investigative tools. Steve explains how these reports often serve as the starting point for major cases, how the quality of narrative detail can shape the direction of an investigation, and why firms should take these filings seriously, even when unsure of the outcome.
[13:40] Steve discusses how the NJ AG’s office works with both federal agencies like the U.S.P.S. and local law enforcement to share resources, track suspects across jurisdictions, and bring complex investigations to resolution.
[16:04] Despite the rise of digital finance, check fraud is still very much alive. From check washing to account takeovers, Steve shares insights into how these frauds are carried out and why they’re still prevalent—even in 2025.
[18:13] “Money doesn’t lie.” That’s the guiding principle behind most financial crime investigations. Steve and Mark discuss the central role of tracing funds through bank statements, transfers, and asset purchases—and how these money trails often paint the clearest picture of the crime, especially in laundering and embezzlement cases.
[20:44] Steve opens up about the realities of prosecuting financial crimes: resource gaps, reactive reporting, and unsophisticated internal controls—especially among small businesses. He discusses the difficulties of building successful cases and why prevention and early detection remain so critical.
Listen and follow AML Uncovered wherever you listen to podcasts:
Want to know how our team can help with your AML compliance needs? Reach out to learn more about our services.
Your Privacy Choices