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Financial Crimes Enforcement Network |
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Financial Crimes Enforcement Network A network of agencies under the direction of the U.S. Department of the Treasury that monitors transactions and helps enforce financial laws, especially those against money laundering. FinCEN examines required filings by companies, and tracks and investigates irregularities. FinCEN operates both inside and outside the United States, and relies upon information from law enforcement, financial institutions, and regulators. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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| It would combine the law enforcement functions of the FBI, the Drug Enforcement Administration (DEA), the Bureau of Alcohol, Tobacco and Firearms (ATF), the Criminal Investigation Division of the Internal Revenue Service, the Financial Crimes Enforcement Network, and the investigatory elements of the Secret Service. The banking agencies worked with Treasury's Financial Crimes Enforcement Network (FinCEN) as the manager of the new process because of that agency's experience in processing millions of currency transaction reports and its database management skills, and because the Congress had amended the Bank Secrecy Act to require FinCEN to issue suspicious-activity reporting rules for financial institutions, including banks, broker-dealers, and casinos. The agency - called the Financial Crimes Enforcement Network - was created in April 1990 to assist state and federal agencies and prosecutors by helping them track the money that was being laundered through legitimate businesses throughout the nation. |
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