financial crimes enforcement network

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financial crimes enforcement network

The Financial Crimes Enforcement Network investigates suspicious transactions.

Definition
  1. Proper noun:
    • A specific law enforcement agency: The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury. Its primary mission is to safeguard the financial system from illicit use, combat money laundering, and promote national security through the collection, analysis, and dissemination of financial intelligence.
Usage
  • The term is used as the official name of a specific U.S. government bureau. It is typically used in formal, legal, and financial contexts.
  • It is often abbreviated as FinCEN.
Examples
  • Proper noun:
    • Banks must file certain reports with the Financial Crimes Enforcement Network.
    • The Financial Crimes Enforcement Network issued new guidance on virtual currency regulations.
    • Compliance officers ensure their institutions follow rules set by FinCEN.
Advanced Usage
  • "FinCEN regulations": Refers to the body of rules and requirements issued by this agency.
    • The company updated its policies to comply with the latest FinCEN regulations.
  • "FinCEN report" or "FinCEN filing": Refers to specific documents, such as Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs), that must be submitted to the agency.
    • The transaction triggered the need for a FinCEN filing.
Variants and Related Words
  • FinCEN (n): The standard and widely used abbreviation for the Financial Crimes Enforcement Network.
  • Financial Intelligence Unit (FIU) (n): A generic term for a national agency responsible for receiving, analyzing, and disseminating financial intelligence; FinCEN is the U.S. FIU.
Synonyms
  • Financial intelligence bureau: A descriptive synonym highlighting its core function.
  • Treasury's anti-money laundering unit: A descriptive phrase specifying its department and primary focus.
Related Phrases
  • "To report to FinCEN": The action of submitting required documentation to the agency.
    • The institution is obligated to report the suspicious activity to FinCEN.
  • "FinCEN compliance": The state of adhering to the laws and regulations administered by FinCEN.
    • A strong FinCEN compliance program is essential for any money services business.
financial crimes enforcement network

The Financial Crimes Enforcement Network investigates suspicious transactions.

Noun
  1. a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering

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