About DBkWik

About: dbkwik:resource/damfjN6H-NcinCT-fceXVQ==

PropertyValue
rdfs:label
  • Financial Crimes Enforcement Network
rdfs:comment
  • The Financial Crimes Enforcement Network (FinCEN), a bureau within the Department of the Treasury (Treasury), is the U.S. financial intelligence unit (FIU). As an FIU, FinCEN is responsible for receiving, analyzing, and disseminating disclosures from financial institutions concerning suspected proceeds of crime and potential financing of terrorism. Through an international network of FIUs called the Egmont Group, FinCEN shares financial intelligence data with FIUs globally as it relates to ongoing law enforcement efforts.
owl:sameAs
dcterms:subject
abstract
  • The Financial Crimes Enforcement Network (FinCEN), a bureau within the Department of the Treasury (Treasury), is the U.S. financial intelligence unit (FIU). As an FIU, FinCEN is responsible for receiving, analyzing, and disseminating disclosures from financial institutions concerning suspected proceeds of crime and potential financing of terrorism. Through an international network of FIUs called the Egmont Group, FinCEN shares financial intelligence data with FIUs globally as it relates to ongoing law enforcement efforts. In addition, FinCEN is the administrator of the Bank Secrecy Act of 1970 (BSA) and regulates the financial industry for anti-money laundering and countering the financing of terrorism. Financial institutions covered by the BSA are required to establish anti-money laundering programs, customer identification programs, and processes and systems for data reporting and recordkeeping related to certain kinds of transactions. These requirements are designed to increase transparency within the financial system to prevent criminal access to financial services and products, whether to fund terrorist operations or to hide the proceeds of other crimes such as drug trafficking.. FinCEN plays four key roles: (1) performing analysis in support of law enforcement; (2) issuing regulations and enforcing compliance; (3) facilitating information-sharing of Bank Secrecy Act (BSA) data; and (4) coordinating with foreign counterparts.