Financial Crimes Enforcement Network (FinCEN)

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

FinCEN was established in 1990 by an act of Congress, and its mission is to "protect the national security, reduce the incidence of financial crime, and enhance the efficiency and effectiveness of the financial system by improving its transparency." FinCEN is headquartered in Vienna, Virginia, and has field offices in Denver, New York City, and San Francisco.

The Financial Crimes Enforcement Network is the world's largest financial intelligence unit, and is responsible for issuing more than 20,000 Suspicious Activity Reports (SARs) each year. In addition to SARs, FinCEN also issues guidance to financial institutions on how to comply with anti-money laundering (AML) laws and regulations, and maintains a database of "Designated Non-Financial Businesses and Professions" that are required to report suspicious transactions. Is FinCEN a law enforcement agency? No, FinCEN is not a law enforcement agency. FinCEN is a bureau of the US Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Which organization is Financial Crimes Enforcement Network under? The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. Is FinCEN part of the IRS? No, FinCEN is not part of the IRS. FinCEN is a bureau of the US Department of the Treasury that is responsible for financial crimes enforcement.

What are FinCEN requirements?

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

In order to combat these crimes, FinCEN has put into place a number of requirements for financial institutions. These requirements include:

1. Establishing and maintaining a customer identification program: Financial institutions must have procedures in place to verify the identity of their customers. These procedures must take into account the customer's name, date of birth, address, and other identifying information.

2. Keeping records of customer identification information: Financial institutions must maintain records of the information used to verify the customer's identity. These records must be kept for five years after the customer ceases to be a customer of the financial institution.

3. Reporting suspicious activity: Financial institutions must report any suspicious activity that they become aware of to the Financial Crimes Enforcement Network. Suspicious activity includes, but is not limited to, transactions that are conducted in a manner that is known to be associated with money laundering or terrorist financing.

4. Maintaining records of suspicious activity reports: Financial institutions must maintain records of all suspicious activity reports that they file with FinCEN. These records must be kept for five years after the report is filed.

5. Cooperating with law enforcement: Financial institutions must cooperate with law enforcement agencies

Who does FinCEN apply to?

FinCEN is a bureau of the US Department of the Treasury that is responsible for combating money laundering and other financial crimes.

The agency applies to businesses and individuals that fall into one or more of the following categories:

1. Money services businesses (MSBs), which include businesses that provide money transmission, currency exchange, check cashing, and other financial services;

2. Casinos and card clubs;

3. Brokers and dealers in securities, commodities, and other financial instruments;

4. Insurance companies;

5. Mortgage lenders and originators;

6. Dealers in precious metals, stones, and jewels;

7. Loan and finance companies;

8. Travel agencies and tour operators;

9. Manufacturing, importing, and exporting companies;

10. Non-profit organizations; and

11. Government agencies.