What is the FinCEN?

Financial Crimes Enforcement Network (FinCEN), which was established on April 25, 1990, serves as the Financial Intelligence Unit of America at home and abroad. Financial Crimes Enforcement Network (Fincen) is an authorized body of the Treasury Department to combat financial crimes in the USA. FinCEN collects and examines information about financial transactions to prevent money laundering, terrorist financing and other financial crimes.


FinCEN examines reports from financial institutions to check whether money laundering or terrorist financing crimes have been committed. FinCEN also works to take action by informing financial institutions about suspects and suspicious activities. FinCEN's field of activity is vast. FinCEN 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 of money laundering and terrorist financing.


How do Financial Institutions ensure FinCEN Compliance?


FinCEN, the Financial Intelligence Unit of the United States, gives financial institutions some responsibilities and obligations to detect and prevent financial crimes. Some obligations that financial institutions must fulfill are listed below.


1-Financial institutions are required to report to FinCEN in doubtful situations.

2-Financial institutions must share all information about the people requested by FinCEN with FinCEN.

3- Financial institutions are required to keep customer information and account transactions for a certain period of time.

4-Financial institutions are obliged to cancel the financial transactions of those who have been sanctioned by the United States.

5-Financial institutions have to scan their customers in sanction lists, starting with the customer onboarding process, without intermediating the transactions of the sanctioned persons.


FinCEN Compliance Solution


Financial institutions operating in the United States have to comply with relevant regulations and laws. Accordingly, financial institutions are required to follow the FinCEN regulations and fulfill their obligations strictly. Sanction Scanner provides solutions that enable financial institutions to comply with AML regulations. Financial institutions operating in the USA can fulfill their 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. You can automate your compliance processes with API integration and reduce your workload. You can contact us for information about our AML compliance solutions.



Request a demo and learn how Sanction Scanner protects your firm from the Financial Crime.

Request Demo
Related to this informations