Whenever the word crime and enforcement pops up, we wonder what it means. In this article, we will be looking at What Is Financial Crime Enforcement Network (FinCEN). The roles of FinCEN
What Is The Meaning OF FinCEN?
The acronym FinCEN stands for Financial Crime Enforcement Network. It is federal a parastatal under the regulatory bureau of the United States Treasury. The Egmont Group makes up the Financial Intelligence Unit (FIU) in the united state. With over 100 international units whose aim focuses on sharing vital information amongst FIUs. FinCEN as a body under FIU has no authorization to reveal any important information as regards crimes of presumed and possible financial offenders.
Roles Of FinCEN
The major duties of The U.S. Financial Crimes Enforcement Network (FinCEN) are to gather and dissect information concerning financial transactions. To fight against local and international money fraudulent activities, financial crimes, and other numerous fraudulent acts.
The US Department of Treasury launched FinCEN in 1990 to improve the security of the nation from illegal activities. Also to protect and facilitates clarity of financial systems both domestic and internationally.
FinCEN Collaboration with international bodies such as the Financial Action Task Force (FATF) and other global organizations is one of its missions of FinCEN. It is also assigned to gather, investigate and disseminate financial information to enforce the law.
The Bank Secrecy Act (BSA) is the legal framework of the Currency and Financial Transactions Reporting Act of 1970. It helps FinCEN to maintain its rules and regulations and the execution of financial regulations to the banks. And other financial organizations are by the BSA which authorizes the Secretary of the Treasury. Filing a criminal report that assists the investigation of a specific financial crime. And establishing An anti-money laundering (AML) program is one of the rules and regulations of the BSA.
Devoting, executing, and implementing these regulations at all local and international levels is the responsibility of the FinCEN.