FINCEN

The Financial Crimes Enforcement Network (FinCEN) is the regulatory and enforcement agency tasked with combatting money laundering, financing of terrorism, fraud, and other financial crimes. Housed with the U.S. Department of the Treasury, FinCEN is the primary Financial Intelligence Unit (FIU) for the United States exercising regulatory functions overseeing the Fed’s Board of Governors, the Federal Deposit Insurance Corporation (FIDC), and the Office of the Comptroller of the Currency of the U.S. Treasury. FinCEN partners with law enforcement and other regulatory authorities such as the SEC, IRS, National Credit Union Administration. FinCEN traces its authority back to the BSA (furthered by the Patriot Act) and plays a critical role in determining KYC requirements for banks, financial institutions, and their partners. FinCEN will regularly issue guidance - clarifying requirements for financial institutions - to help organizations stay compliant and keep up with emerging trends in the financial landscape.