Financial Crimes Enforcement Network (FinCEN), established on April 25, 1990, serves as the Financial Intelligence Unit of the United States of America at home and abroad. It is an authorized body of the Treasury Department to combat financial crimes in the USA. FinCEN collects and examines monetary transactions to prevent money laundering and terrorist financing.
It protects the financial system and services from organized crime organizations and effectively combats money laundering. Besides, it aims to facilitate the detection of it by increasing the sector's integration.
It examines reports from financial institutions to check whether money laundering or terrorist financing crimes have been committed. It also works to take action by informing institutions about suspects and suspicious activities. It's field of activity is vast. It aims to detect and prevent all illegal transactions from the most complicated crime to the most straightforward crime. With the USA Patriot Act, which came into force in 2001, FinCEN has become a significant US authority, investigating people with increased powers and suspected money laundering and terrorist financing.
FinCEN, the Financial Intelligence Unit of the United States, gives financial institutions some responsibilities and obligations to detect and prevent financial crimes. Some obligations are listed below.
Financial institutions operating in the United States have to comply with relevant AML regulations and laws. Accordingly, they are required to follow the FinCEN regulations and fulfill their obligations strictly. FinCEN fines organizations that do not meet their AML and CFT obligations.
Sanction Scanner provides solutions that enable financial institutions to comply with AML regulations. These are operating in the USA can fulfill their Financial Crimes Enforcement Network (FinCEN) and Bank Secrecy Act obligations with the Sanction Scanner. You can check your customers with Sanction Scanner's global sanction data and detect the people who are sanctioned. In addition, you can automate your compliance processes with API integration and reduce your workload. You can contact us for information about our AML compliance solutions.
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