Financial Crimes Enforcement Network (FinCEN)
What FinCEN is, its role in AML enforcement, and how it administers the Corporate Transparency Act's beneficial ownership database.
1 min read
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the US Treasury Department responsible for safeguarding the financial system from illicit use and combating money laundering.
FinCEN’s Roles
Data Collection & Analysis
- Collects BSA reports (SARs, CTRs)
- Analyzes financial intelligence
- Shares information with law enforcement
Regulation & Guidance
- Issues rules implementing BSA requirements
- Publishes guidance on AML compliance
- Administers beneficial ownership information (BOI) database
Enforcement
- Designates entities of “primary money laundering concern”
- Issues civil money penalties
- Coordinates with law enforcement agencies
FinCEN and the CTA
Since the Corporate Transparency Act, FinCEN administers the federal beneficial ownership database—the first centralized repository of who owns and controls US businesses.
FinCEN and KYB
For KYB practitioners, FinCEN:
- Defines CDD requirements for business customers
- Will provide access to BOI data for authorized users
- Issues guidance on verification standards
BOI E-Filing: https://boiefiling.fincen.gov BOI Information: https://www.fincen.gov/boi