financial crimes enforcement network
The Financial Crimes Enforcement Network (FinCEN) was established in April 1990 by Treasury Order Number 105-08. Its original mission was to provide a government-wide, multi-source intelligence and analytical network to support the detection, investigation, and prosecution of domestic and international money laundering and other financial crimes. FinCEN was made a Treasury bureau by the USA Patriot Act of October 2001.
Today, FinCEN is one of Treasury’s primary agencies to oversee and implement policies to prevent and detect money laundering. This is accomplished in two ways. First, FinCEN works in partnership with the financial community to deter and detect money laundering. FinCEN uses counter-money laundering laws, such as the Bank Secrecy Act (BSA), to require reporting and recordkeeping by banks and other financial institutions. This recordkeeping preserves a financial trail for investigators to follow as they track criminals and their assets. The Act also requires reporting suspicious currency transactions which could trigger investigations.
Second, FinCEN provides intelligence and analytical support to law enforcement and works to maximize information sharing among law enforcement agencies. FinCEN’s work is concentrated on combining information reported under the BSA with other government and public information. This information is then disclosed to FinCEN's customers in the law enforcement community. These reports help them build investigations and plan new strategies to combat money laundering.
Last Updated: March 8, 2007
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