AML & Compliance
What is FinCEN (Financial Crimes Enforcement Network)?
A bureau of the U.S. Department of the Treasury tasked with safeguarding the financial system from illicit use, combating money laundering, and promoting national security through the collection, analysis, and dissemination of financial intelligence. FinCEN administers the Bank Secrecy Act and receives reports including SARs, CTRs, and Foreign Bank Account Reports (FBARs) from financial institutions.
How it works
Example: FinCEN issues an advisory alerting financial institutions to a new money laundering typology involving cryptocurrency exchanges, prompting compliance teams to update their transaction monitoring scenarios to capture the identified patterns.
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