The Financial Crimes Enforcement Network (FinCEN) is a federal regulatory bureau of the United States Treasury.
The Financial Crimes Enforcement Network (FinCEN) is a federal regulatory bureau of the United States Treasury. FinCEN is the United States’ Financial Intelligence Unit (FIU) and is one of more than 100 international FIUs which make up the Egmont Group, an entity that is focused on cooperation and information sharing among FIUs. As an FIU, FinCEN is required to disclose financial information concerning suspected proceeds of crime and potential terrorist financing.
Its mission is to safeguard the U.S. financial system from money laundering. It is tasked with the collection, analysis, and dissemination of financial transaction data for law enforcement purposes as well as building global cooperation with counterpart organizations in other countries and with international bodies such as the Financial Action Task Force (FATF).
FinCEN carries out its regulatory duties under the Currency and Financial Transactions Reporting Act of 1970, which legislative framework is commonly referred to as the Bank Secrecy Act (BSA). The BSA authorizes the Secretary of the Treasury to issue financial regulations to banks and other financial institutions to establish anti-money laundering (AML) programs and file reports to aid in criminal, tax, and regulatory investigations and proceedings, as well as certain intelligence and counter-terrorism matters.
FinCEN is responsible for applying, implementing, and enforcing these regulations at the Federal, State, local, and international levels.