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FinCEN Video on Suspicious Activity
FinCEN Video on Suspicious Activity
Published: 2013/05/05
Channel: forexgal
FinCEN
FinCEN
Published: 2018/05/01
Channel: CPay LIVE
Financial Crimes Enforcement Network | assist law enforcement by
Financial Crimes Enforcement Network | assist law enforcement by
Published: 2017/06/17
Channel: Jahangir Alam
What is FinCEN?
What is FinCEN?
Published: 2015/05/27
Channel: McGuire Law Firm
BSA Training in English by FinCEN
BSA Training in English by FinCEN
Published: 2013/05/31
Channel: Everardo Hernandez
What Is FinCEN, And How Could It Take Down Donald Trump?
What Is FinCEN, And How Could It Take Down Donald Trump?
Published: 2017/05/11
Channel: The Young Turks
Financial Crimes Enforcement Network
Financial Crimes Enforcement Network
Published: 2016/08/25
Channel: WikiWikiup
Financial Crimes Enforcement Network
Financial Crimes Enforcement Network
Published: 2016/12/22
Channel: Jahangir Alam
FINCEN Says Money Transmitter Laws Apply To ICO
FINCEN Says Money Transmitter Laws Apply To ICO's!
Published: 2018/03/07
Channel: Matt Beasley
Risk Watch 122: Key Takeaways from FinCEN
Risk Watch 122: Key Takeaways from FinCEN's 2016 SAR Report
Published: 2017/03/22
Channel: AffirmX
FinCEN Form 114, FBAR: Foreign Bank Account Report
FinCEN Form 114, FBAR: Foreign Bank Account Report
Published: 2017/07/21
Channel: US Tax Practice Switzerland
Suspicious Activity Reports (SARs) and Their Role in Investigations of Elder Financial Exploitation
Suspicious Activity Reports (SARs) and Their Role in Investigations of Elder Financial Exploitation
Published: 2018/01/29
Channel: Elder Justice Initiative
John Byrne Interviews FinCEN Director Jennifer Calvery - ACAMS
John Byrne Interviews FinCEN Director Jennifer Calvery - ACAMS
Published: 2016/05/06
Channel: ACAMS – Association of Certified Anti-Money Laundering Specialists
FinCEN Registration & Money Transmitter Licenses
FinCEN Registration & Money Transmitter Licenses
Published: 2018/08/18
Channel: Faisal Khan
FinCEN Training
FinCEN Training
Published: 2012/08/07
Channel: MWF Training
Countdown to MAY 2018 FinCEN CDD Rule - Be Prepared!
Countdown to MAY 2018 FinCEN CDD Rule - Be Prepared!
Published: 2018/02/26
Channel: lexisnexisnetwork
05 23 2016 Customer Due Diligence FinCEN Final Rule
05 23 2016 Customer Due Diligence FinCEN Final Rule
Published: 2016/05/24
Channel: Global RADAR
FinCEN
FinCEN's Customer Due Diligence Rule & Beneficial Ownership
Published: 2018/04/13
Channel: Richard Bistrong
Analyzing the FinCEN Letter
Analyzing the FinCEN Letter
Published: 2018/03/13
Channel: Pryor Cashman
How to register to FinCEN’s BSA E-Filing system
How to register to FinCEN’s BSA E-Filing system
Published: 2016/01/13
Channel: MoneyGram
What Is FBAR? The Foreign Bank Account Report (FinCEN form 114) | Bright!Tax
What Is FBAR? The Foreign Bank Account Report (FinCEN form 114) | Bright!Tax
Published: 2016/07/19
Channel: Greg Dewald
Escrow transaction falls under the FinCEN GTO
Escrow transaction falls under the FinCEN GTO
Published: 2018/04/24
Channel: Viva Escrow
BSA Training in Spanish by FinCEN
BSA Training in Spanish by FinCEN
Published: 2013/01/21
Channel: Amigo Envio
FBAR - FinCEN Form 114
FBAR - FinCEN Form 114
Published: 2014/02/05
Channel: Andrew Mitchel
Changes to FinCEN 314(a)
Changes to FinCEN 314(a)
Published: 2010/04/26
Channel: Actimize2
042718 -- “Implementation of FinCEN’s Customer Due Diligence..." (EventID=108245)
042718 -- “Implementation of FinCEN’s Customer Due Diligence..." (EventID=108245)
Published: 2018/04/27
Channel: GOPFinancialServices
051618 -- “Implementation of FinCEN’s Customer Due Diligence Rule” (EventID=108319)
051618 -- “Implementation of FinCEN’s Customer Due Diligence Rule” (EventID=108319)
Published: 2018/05/16
Channel: GOPFinancialServices
What is FinCen and what role do they play in offshore compliance?
What is FinCen and what role do they play in offshore compliance?
Published: 2017/05/24
Channel: Weisberg Kainen Mark, PL
FinCEN
FinCEN's Ongoing Investigation of Digital Currency Businesses.
Published: 2015/05/21
Channel: Money & Tech
These common FBAR/FinCen 114 errors can cost you big time
These common FBAR/FinCen 114 errors can cost you big time
Published: 2016/04/14
Channel: IRS Medic
'A common frustration I've heard is FinCEN has been very vague'
Published: 2018/07/12
Channel: Rep. Barry Loudermilk
How to e-file an FBAR - FinCEN Form 114 - Step by Step
How to e-file an FBAR - FinCEN Form 114 - Step by Step
Published: 2016/05/10
Channel: IRS Medic
Adam Tracy Explains Money Service Business Registration
Adam Tracy Explains Money Service Business Registration
Published: 2018/06/06
Channel: Adam S. Tracy
Rep. Love asks about new FinCEN Regulation for Banks
Rep. Love asks about new FinCEN Regulation for Banks
Published: 2018/04/27
Channel: Rep. Mia Love
FinCEN Releases Rules Classifying Bitcoin Exchanges, Buyers And Miners As Money Transmittors
FinCEN Releases Rules Classifying Bitcoin Exchanges, Buyers And Miners As Money Transmittors
Published: 2014/10/28
Channel: Follow The Coin
Financial Crimes Unit To Help Donald Trump-Russia Investigation | Rachel Maddow | MSNBC
Financial Crimes Unit To Help Donald Trump-Russia Investigation | Rachel Maddow | MSNBC
Published: 2017/05/15
Channel: MSNBC
Jumping A Fincen
Jumping A Fincen
Published: 2018/05/26
Channel: Tripp Howard
Rep. Zeldin Calls on FinCEN of Treasury Dept. to Get More Directly Involved with Combating MS-13
Rep. Zeldin Calls on FinCEN of Treasury Dept. to Get More Directly Involved with Combating MS-13
Published: 2017/04/27
Channel: Congressman Lee Zeldin
The New Final CDD Rule: Due Diligence Tips and Traps   AML
The New Final CDD Rule: Due Diligence Tips and Traps AML
Published: 2018/02/06
Channel: FIBA Bankers
FinCEN CTR 2015 AD
FinCEN CTR 2015 AD
Published: 2015/02/11
Channel: pegasusedu
FinCEN Expands GTO to Additional Markets
FinCEN Expands GTO to Additional Markets
Published: 2016/07/29
Channel: National Association of REALTORS
2018 FIBA AML Compliance Conference: What
2018 FIBA AML Compliance Conference: What's New in the AML Landscape?
Published: 2018/04/27
Channel: FIBA Bankers
SAR - Primer on the new Suspicious Activity Report FinCEN
SAR - Primer on the new Suspicious Activity Report FinCEN
Published: 2013/04/13
Channel: BoseLawFirm: Virginia Criminal Defense Law
FinCEN CTR Frontline Training On Demand
FinCEN CTR Frontline Training On Demand
Published: 2012/11/14
Channel: pegasuseducational
Completing the FinCEN CTR
Completing the FinCEN CTR
Published: 2013/09/18
Channel: BankerTraining
Carlton Greene Delivers Congressional Testimony on FinCEN’s Customer Due Diligence AML Rule
Carlton Greene Delivers Congressional Testimony on FinCEN’s Customer Due Diligence AML Rule
Published: 2018/05/03
Channel: Crowell Moring
The Impact of FinCEN
The Impact of FinCEN's Proposed Rule on SEC Registered Investment Advisers
Published: 2016/03/18
Channel: Cordium
Fincen forever
Fincen forever
Published: 2018/03/25
Channel: jhen laxamana
Floor Speech on FinCEN Funding H.R. 5016, July 14, 2014
Floor Speech on FinCEN Funding H.R. 5016, July 14, 2014
Published: 2014/07/15
Channel: Congressman Stephen F. Lynch
Compliance Outlook - FinCEN Customer Due Diligence
Compliance Outlook - FinCEN Customer Due Diligence
Published: 2018/06/27
Channel: Compliance Connection
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WIKIPEDIA ARTICLE

From Wikipedia, the free encyclopedia
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Financial Crimes Enforcement Network
US-FinancialCrimesEnforcementNetwork-Seal.svg
Agency overview
Formed April 25, 1990
Headquarters Vienna, Virginia
Agency executive
  • Director, Ken Blanco
Parent agency Office of Terrorism and Financial Intelligence
Website FinCEN.gov

The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

Mission[edit]

FinCEN's director expressed its mission in November 2013 as "to safeguard the financial system from illicit use, combat money laundering and promote national security."[1] FinCEN serves as the U.S. Financial Intelligence Unit (FIU) and is one of 147 FIUs making up the Egmont Group of Financial Intelligence Units. FinCEN's self-described motto is "follow the money." The website states: "The primary motive of criminals is financial gain, and they leave financial trails as they try to launder the proceeds of crimes or attempt to spend their ill-gotten profits."[2] It is a network bringing people and information together, by coordinating information sharing with law enforcement agencies, regulators and other partners in the financial industry.[2]

History[edit]

FinCEN was established by order of the Secretary of the Treasury (Treasury Order Numbered 105-08) on April 25, 1990. In May 1994, its mission was broadened to include regulatory responsibilities, and in October 1994 the Treasury Department's precursor of FinCEN, the Office of Financial Enforcement was merged with FinCEN. On September 26, 2002, after Title III of the PATRIOT Act was passed, Treasury Order 180-01[3] made it an official bureau in the Department of the Treasury. In September 2012, FinCEN's information technology called FinCEN Portal and Query System migrated with 11 years of data into FinCEN Query, a search engine similar to Google. It is a "one stop shop" [sic] accessible via the FinCEN Portal allowing broad searches across more fields than before and returning more results. Since September 2012 FinCEN generates 4 new reports: Suspicious Activity Report (FinCEN SAR), Currency Transaction Report (FinCEN CTR), the Designation of Exempt Person (DOEP) and Registered Money Service Business (RMSB).[4]

Organization[edit]

FinCEN organization chart

As of November 2013, FinCEN employed approximately 340 people mostly intelligence professionals with expertise in the financial industry, illicit finance, financial intelligence, the AML/CFT (money laundering/terrorist financing) regulatory regime, computer technology, and enforcement".[1] The majority of the staff are permanent FinCEN personnel, with about 20 long-term detailees assigned from 13 different regulatory and law enforcement agencies.[4] FinCEN shares information with dozens of intelligence agencies, including the Bureau of Alcohol, Tobacco, and Firearms; the Drug Enforcement Administration; the Federal Bureau of Investigation; the U.S. Secret Service; the Internal Revenue Service; the Customs Service; and the U.S. Postal Inspection Service.

FinCEN Directors[edit]

  • Brian M. Bruh (1990–1993)
  • Stanley E. Morris (1994–1998)
  • James F. Sloan (April 1999 – October 2003)
  • William J. Fox (December 2003 – February 2006)
  • Robert W. Werner (March 2006 – December 2006)
  • James H. Freis, Jr. (March 2007 – August 2012)
  • Jennifer Shasky Calvery (September 2012 – May 2016)
  • Jamal El-Hindi (Acting, June 2016 – present)[5]

314 program[edit]

The 2001 USA PATRIOT Act required the Secretary of the Treasury to create a secure network for the transmission of information to enforce the relevant regulations. FinCEN's regulations under Section 314(a) enable federal law enforcement agencies, through FinCEN, to reach out to more than 45,000 points of contact at more than 27,000 financial institutions to locate accounts and transactions of persons that may be involved in terrorist financing and/or money laundering. A web interface allows the person(s) designated in §314(a)(3)(A) to register and transmit information to FinCEN. The partnership between the financial community and law enforcement allows disparate bits of information to be identified, centralized, and rapidly evaluated.[6]

Hawala[edit]

As early as 2003 FinCEN disseminated information on "informal value transfer systems" (IVTS), including hawala, a network of people receiving money for the purpose of making the funds payable to a third party in another geographic location,... generally tak[ing] place outside of the conventional banking system through non-bank financial institutions or other business entities whose primary business activity may not be the transmission of money.[7] On September 1, 2010, FinCEN issued a guidance on IVTS referencing United States v. Banki and hawala.[8]

Virtual currencies[edit]

In July 2011, FinCEN added "other value that substitutes for currency" to its definition of money services businesses in preparation to adapt the respective rule to virtual currencies.[9] On March 18, 2013 FinCEN issued a guidance regarding virtual currencies,[10] according to which, exchangers and administrators, but not users of convertible virtual currency are considered money transmitters, and must comply with rules to prevent money laundering/terrorist financing ("AML/CFT") and other forms of financial crime, by record-keeping, reporting and registering with FinCEN. Jennifer Shasky Calvery, director of FinCEN said, "Virtual currencies are subject to the same rules as other currencies. … Basic money services business rules apply here."[11]

At a November 2013 Senate hearing, Calvery stated, "It is in the best interest of virtual currency providers to comply with these regulations for a number of reasons. First is the idea of corporate responsibility," contrasting Bitcoin's understanding of a peer to peer system bypassing corporate financial institutions. She stated that FinCEN collaborates with the Federal Financial Institutions Examination Council, a congressionally-chartered forum called the "Bank Secrecy Act (BSA) Advisory Group" and BSA Working Group to review and discuss new regulations and guidance, with the FBI-led "Virtual Currency Emerging Threats Working Group" (VCET) formed in early 2012, the FDIC-led "Cyber Fraud Working Group", the Terrorist Financing & Financial Crimes-led "Treasury Cyber Working Group", and with a community of other financial intelligence units.[1] According to the Department of Justice, VCET members represent the FBI, the Drug Enforcement Administration, multiple U.S. Attorney's Offices, and the Criminal Division's Asset Forfeiture and Money Laundering Section and Computer Crime and Intellectual Property Section.[12]

Controversies[edit]

In 2009, the GAO found "opportunities" to improve "interagency and state examination coordination", noting that the federal banking regulators issued an interagency examination manual, that SEC, CFTC, and their respective self-regulatory organizations developed Bank Secrecy Act (BSA) examination modules, and that FinCEN and IRS examining nonbank financial institutions issued an examination manual for money services businesses. Therefore multiple regulators examine compliance of the BSA across industries and for some larger holding companies even within the same institution. Regulators need to promote greater consistency, coordination and information-sharing, reduce unnecessary regulatory burden, and find concerns across industries.[13] FinCEN estimated that it would have data access agreements with 80 percent of state agencies that conduct BSA examinations after 2012.[13]

Since FinCEN's inception in 1990 the Electronic Frontier Foundation in San Francisco has debated its benefits compared to its threat to privacy.[14] FinCEN´s value is hard to gauge without publication of evidence. It does not disclose how many 'Suspicious Activity Reports' result in investigations, indictments or convictions, and no studies exist to tally how many reports are filed on innocent people. FinCEN and money laundering laws have been criticized for being expensive and relatively ineffective, while violating Fourth Amendment rights as an investigator may use FinCEN's government database system to investigate people instead of crimes.[15]

It has also been alleged, that FinCEN's regulations against structuring are enforced unfairly and arbitrarily; for example, it was reported in 2012 that small businesses selling at farmers' markets have been targeted, while politically connected people like Eliot Spitzer were not prosecuted.[16] Spitzers reasons for structuring were described as "innocent".[17]

In popular culture[edit]

The 2016 film The Accountant features a FinCEN investigation into the title character.[18]

See also[edit]

References[edit]

  1. ^ a b c Shasky Calvery, Jennifer (November 18, 2013). "Statement of Jennifer Shasky Calvery, Director Financial Crimes Enforcement Network US Department of the Treasury Before the US Senate Committee on Homeland Security and Government Affairs". Financial Crimes Enforcement Network. Retrieved 6 March 2014. 
  2. ^ a b "FinCEN - What we do". FinCEN website. FinCEN. Retrieved 13 November 2016. 
  3. ^ "TREASURY ORDER 180-01". U.S. Dept Treasury. March 24, 2003. Retrieved 6 March 2014. 
  4. ^ a b "FinCEN - FinCEN's IT Modernization Efforts FAQs". FinCEN website. FinCEN. Archived from the original on 17 February 2014. Retrieved 6 March 2014. 
  5. ^ "FinCEN - What we do". FinCEN website. FinCEN. Retrieved 13 November 2016. 
  6. ^ "Appendix A – Financial Crimes enforcement network programs" (PDF). FinCEN. Retrieved 23 August 2016. 
  7. ^ "Informal Value Transfer Systems" (PDF). Financial Crimes Enforcement Network FinCEN Advisory. United States Department of the Treasury. March 2003. Archived from the original (PDF) on 30 June 2014. Retrieved 6 March 2014. 
  8. ^ "Informal Value Transfer Systems". Financial Crimes Enforcement Network. September 1, 2010. Archived from the original on September 5, 2010. 
  9. ^ Financial Crimes Enforcement Network (2011-07-21). "Financial Crimes Enforcement Network". Bank Secrecy Act Regulations; Definitions and Other Regulations Relating to Money Services Businesses. Federal Register. p. 76 FR 43585. Retrieved 6 March 2014. 31 C.F.R. § 1010.100(ff)(5)(i)(A) 
  10. ^ "FIN-2013-G001: Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies". Financial Crimes Enforcement Network. 18 March 2013. p. 6. Archived from the original on 19 March 2013. Retrieved 4 March 2014. 
  11. ^ Berson, Susan A. (2013). "Some basic rules for using 'bitcoin' as virtual money". American Bar Association. Retrieved 10 September 2013. 
  12. ^ "Acting Assistant Attorney General Mythili Raman Testifies". Senate Committee on Homeland Security and Governmental Affairs. Washington, D.C: justice.gov. November 18, 2013. Retrieved 6 March 2014. 
  13. ^ a b "Bank Secrecy Act: Federal Agencies Should Take Action to Further Improve Coordination and Information-Sharing Efforts". GAO-09-227. GAO.gov. Feb 12, 2009. Retrieved 6 March 2014. 
  14. ^ Bercu, Stephen (December 1991). "FinCEN: Big Brother After All?". EEF.org. 
  15. ^ Julie Wakefield (October 1, 2000). "Following the Money". Government Executive. Retrieved 6 March 2014. 
  16. ^ Walter Olson (2012-04-20). ""Structuring": who can get away with it, and who can't". Overlawyered. Retrieved 2013-11-30. 
  17. ^ David Johnston; Stephen Labaton (March 12, 2008). "The Reports That Drew Federal Eyes to Spitzer". The New York Times. 
  18. ^ Wells, Tish (October 15, 2016). "Film Review: The Accountant (2016)". Retrieved November 16, 2016. 

External links[edit]

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