Financial Crimes Enforcement Network

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S.Department of the Treasury.As a bureau of the Department of the Treasury, the Director of FinCEN is appointed by the Secretary of the Treasury.He reports directly to the Under Secretary for Terrorism and Financial Intelligence.

Core Mission

The core mission of FinCEN is to protect the financial system from illicit use, to combat money laundering, and to promote national security through the collection, analysis, and dissemination of financial intelligence.FinCEN utilizes its financial regulatory authorities to achieve national security objectives.

Key Functions

To carry out its mission, FinCEN undertakes the following functions:

• Collect and maintain data regarding financial transactions

• Analyze and disseminate financial transaction data for law enforcement purposes

• Develop international cooperation with international organizations and foreign counterparts in the fight against financial crime

Legal Foundation

FinCEN derives its authority to operate primarily from the Currency and Financial Transactions Reporting Act of 1970 (commonly referred to as the Bank Secrecy Act or BSA), as amended by Title III of the USA PATRIOT Act of 2001.

• Hold anti-money laundering (AML) programs in place; and

• Filings of reports that the Secretary determines are essential to criminal, tax, and regulatory investigations or inquiries, and to intelligence and counter-terrorism activities.

Regulations issued under the BSA are implemented, administered, and enforced by the Director of FinCEN.

Scope of Responsibility

FinCEN has several important responsibilities as assigned by Congress, including:

• Promulgating and interpreting regulations under statutory authority;

• Support compliance and enforcement of regulations;

• Manage, process, and safeguard financial data submitted under FinCEN's authority;

• Facilitate government-wide access to financial intelligence;

• Support Federal, state, or local law enforcement investigations and prosecutions;

• Coordinate with foreign Financial Intelligence Units (FIUs) regarding AML/CFT work;

• Analyze financial trends to support the work of policymakers, regulators, and intelligence agencies.

International Efforts

FinCEN is the FIU for the United States and a member of the Egmont Group, consisting of more than 100 FIUs.

"Follow the Money" Concept

At the center of FinCEN's whole strategy is a simple yet powerful idea: "follow the money." Since criminals are financially motivated, they often leave financial footprints wherever they commit their illegal activities.

When money flows are traced, FinCEN provides the means to investigate and expose sophisticated criminal money laundering schemes, networks that finance terrorism, tax fraud, and other types of financial crimes.