FinCEN: Financial Crimes Enforcement Network

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the US Treasury Department responsible for safeguarding the financial system from illicit use and combating money laundering.

FinCEN's Roles

Data Collection & Analysis

• Collects BSA reports (SARs, CTRs)
• Analyzes financial intelligence
• Shares information with law enforcement

Regulation & Guidance

• Issues rules implementing BSA requirements
• Publishes guidance on AML compliance
• Administers beneficial ownership information (BOI) database

Enforcement

• Designates entities of "primary money laundering concern"
• Issues civil money penalties
• Coordinates with law enforcement agencies

FinCEN and the CTA

Since the Corporate Transparency Act, FinCEN administers the federal beneficial ownership database—the first centralized repository of who owns and controls US businesses.

FinCEN and KYB

For KYB practitioners, FinCEN:

• Defines CDD requirements for business customers
• Will provide access to BOI data for authorized users
• Issues guidance on verification standards

BOI E-Filing: https://boiefiling.fincen.gov BOI Information: https://www.fincen.gov/boi

Related: BSA | BOI | CTA | SAR