fincen

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that was established in April 1990. Its primary mission is to safeguard the financial system from illicit use, combat money laundering, and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities. FinCEN is tasked with collecting and analyzing information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. It is a key component of the U.S. government's efforts to combat financial crimes and is central to the Treasury's enforcement of the Bank Secrecy Act (BSA), which mandates financial institutions in the U.S. to assist government agencies in detecting and preventing illegal financial activities. Financial institutions are required to file various types of reports with FinCEN, such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs), which FinCEN uses to identify potential threats to the financial system and to enforce anti-money laundering (AML) regulations. In addition to its regulatory functions, FinCEN issues advisories and guidelines to assist financial institutions in their compliance efforts and collaborates with both domestic and international law enforcement agencies to track and prevent illegal financial activities.