FinCEN

Financial Crimes Enforcement Network

A bureau of the United States Department of the Treasury. Established in 1990, FinCEN serves as the primary financial intelligence unit (FIU) of the United States and is responsible for collecting, analyzing, and disseminating information about financial crimes to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Key responsibilities of FinCEN include:

1. Collecting and maintaining financial transaction data: FinCEN receives and maintains millions of financial reports, such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), submitted by financial institutions.
2. Analyzing financial data: FinCEN analyzes the collected data to identify trends, patterns, and potential criminal activities. This information is then used to support law enforcement investigations and regulatory actions.
3. Sharing financial intelligence: FinCEN shares its findings and analysis with domestic and international law enforcement agencies, regulatory authorities, and other FIUs to combat financial crimes.
4. Issuing regulations and guidance: FinCEN is responsible for issuing and enforcing AML regulations, such as the Bank Secrecy Act (BSA), which requires financial institutions to assist government agencies in detecting and preventing money laundering.
5. Conducting investigations and enforcement actions: FinCEN works with law enforcement agencies to investigate and prosecute financial crimes, and it has the authority to impose civil money penalties on financial institutions for non-compliance with AML regulations.

FinCEN is crucial in safeguarding the U.S. financial system from illicit activities and promoting national security. It collaborates with various domestic and international partners, including law enforcement agencies, regulatory authorities, and the private sector, to combat financial crimes effectively.

• Abbreviation: FinCEN