What is FinCEN?

FinCEN (Financial Crimes Enforcement Network)

FinCEN is a federal agency that is a bureau of the U.S. Dept. of the Treasury and the countries' primary financial regulator. FinCEN collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.

FinCen falls under FBI enforcement that requires companies to report information about business ownership. FinCEN was thrust into the spotlight when it began to enforce the Corporate Transparency Act which took effect on Jan 1, 2024.

FinCEN works closely with state and other federal agencies and is authorized to enforce its rules and regulations designed to prevent money laundering and other illicit use of money. The agency can impose penalties, sanctions, and other measures to enforce compliance and maintain the integrity of financial oversight.

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Pension Pros

What is FinCEN?

FinCEN (Financial Crimes Enforcement Network)