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FinCEN

Overview

The U.S.Financial Crimes Enforcement Network (FinCEN) is the financial intelligence unit and AML regulator within the Treasury. FinCEN issues rules, guidance, and enforcement actions; administers the BSA; operates suspicious activity reporting; and manages beneficial ownership reporting under the Corporate Transparency Act. It analyzes SAR/CTR data to identify threats and supports law enforcement.

Covered institutions, banks, MSBs, fintechs, and now certain crypto entities must implement written AML programs, perform CDD/EDD, file timely reports, and maintain records. FinCEN advisories and priorities (e.g., ransomware, fentanyl) shape monitoring scenarios and risk assessments. Non-compliance can trigger significant penalties, remediation mandates, and reputational harm, including heightened scrutiny from examiners and counterparties.

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AML Screening

Screen users against Politically Exposed Persons (PEP), watchlists, sanctions lists, adverse media, and more through one-time screening and advanced monitoring.

Transaction Monitoring

Monitor transactions in real-time and analyse past behaviour to identify suspicious activities and ensure regulatory compliance across the user journey.

Criminal Screening

Perform thorough background checks and verify criminal records to maintain compliance and strengthen onboarding security.

Related Terms

BSA (Bank Secrecy Act)

Suspicious Activity/Transaction Report (SAR/STR)

Customer Due Diligence (CDD)

FAQ

What does FinCEN require?

A risk-based AML program: policies, a compliance officer, training, independent testing, CDD, and timely SAR/CTR filings with robust recordkeeping and audit trails.

How do advisories impact me?

They flag priority threats and recommended red flags. Institutions should map advisories to scenarios, train staff, and document resulting control changes for examiners.

Who must report beneficial owners?

Many U.S. companies file BOI to FinCEN under the Corporate Transparency Act; financial institutions reference this data for KYB and ongoing diligence.

What are common exam findings?

Weak SAR narratives, delayed filings, poor model governance, and inadequate customer risk rating. Regular gap assessments and QA reduce exposure.