What is the purpose of FinCEN?

FinCEN’s mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

Who does FinCEN apply to?

FinCEN has the challenging but important task of writing and coordinating the enforcement of anti-money laundering rules for more than 100,000 banks, credit unions, money services businesses (MSBs), insurance companies, securities brokers, casinos, mutual funds, precious metal dealers, and other financial institutions …

WHO released the FinCEN Files?

The International Consortium of Investigative Journalists
The International Consortium of Investigative Journalists, BuzzFeed News and more than 100 media outlets published the FinCEN Files in September 2020, uncovering more than $2 trillion worth of suspicious transactions flowing through the global financial system, passing through U.S.-based banks with relatively few …

What is FinCEN in real estate?

WASHINGTON—The Financial Crimes Enforcement Network (FinCEN) today announced the renewal of its Geographic Targeting Orders (GTOs) that require U.S. title insurance companies to identify the natural persons behind shell companies used in all-cash purchases of residential real estate.

What are FinCEN regulations?

The Financial Crimes Enforcement Network (FinCEN) prevents and punishes money laundering and related financial crimes. FinCEN tracks suspicious persons and activity by researching mandatory disclosures for financial institutions.

What is the purpose of FinCEN Form 114?

The FinCEN Report 114 documents a taxpayer’s foreign financial accounts when their aggregate value exceed $10,000. FinCEN requires you provide this information as part of your tax reporting obligations as an expat. It’s important to include information about all your relevant financial accounts.

Does FinCEN regulate MSBs?

Unlike other financial institutions regulated by FinCEN that are subject to ongoing prudential regulation and supervision for safety and soundness purposes – such as banks, securities broker-dealers, and insurance companies – MSBs become subject to FinCEN regulations not because of their license or charter, but rather …

When were the FinCEN Files leaked?

BuzzFeed News obtained the 2,657 leaked documents, including 2,121 SARs, in 2019 and shared them with the ICIJ. 400 journalists from 88 countries investigated the documents which were brought to the public’s attention on 20 September 2020.

What news publication first reported what has become to know as the FinCEN Files?

BuzzFeed News
One year ago today, BuzzFeed News and the International Consortium of Investigative Journalists published the FinCEN Files, the largest reporting project ever undertaken, which revealed how terrorists, kleptocrats, and organized criminals laundered enormous sums of money through many of the world’s largest banks and in …

Where do I report suspected money laundering?

A Suspicious Activity Report (SAR) is a document that financial institutions, and those associated with their business, must file with the Financial Crimes Enforcement Network (FinCEN) whenever there is a suspected case of money laundering or fraud.

Does FinCEN prosecute?

The information and services of FinCEN are used to support law enforcement investigations and the prosecution of financial crimes. The Bureau shares its information in collaboration with foreign financial intelligence counterparts for Anti-Money Laundering/Combating the Financing of Terrorism efforts.