FinCEN


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Noun1.FinCEN - a law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering
Department of the Treasury, Treasury Department, United States Treasury, Treasury - the federal department that collects revenue and administers federal finances; the Treasury Department was created in 1789
law enforcement agency - an agency responsible for insuring obedience to the laws
Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Farlex Inc.
References in periodicals archive ?
"The Bank Secrecy Act data that FinCEN collects, analyzes and disseminates provides tremendous insights into the illicit financial networks and individuals fueling America's deadly opioid crisis," said FinCEN Director Kenneth Blanco.
Although the DOJ and FinCen actions provided much-needed guidance, neither prohibits prosecution for violations of federal law.
FINCEN is the central accounting and payables management entity for the entire Coast Guard.
FinCEN spokeswoman Candice Basso confirmed that the GTO covering Florida, which originated in 2016, was extended March 21 and will expire September 16 of this year.
The bank's lawyers say that FinCEN had made "exaggerated accusations" against the bank, and in most cases provided too general statements or did not ensure evidence of money laundering and bribery.
FinCEN said that it is "seeking to prohibit the opening or maintaining of a correspondent account in the United States for, or on behalf of, ABLV Bank," which is reminiscent of the FBME Bank case, the Tanzanian lender banned by the US from transacting in US dollar in 2014.
The two House members currently are circulating the letter for signatures before sending it to FinCEN Acting Director Jamal El-Hindi.
Both FinCEN and FBME have been involved in a court case since the issuance of the Notice and on 14 April 2017 the US District Court for the District of Colombia ruled in favour of FinCEN.
In 2013, FinCEN issued guidance to persons administering, exchanging or using virtual currency.
"Though much work lies ahead in preparation for 2018, ABA appreciates FinCEN's dialogue with the industry on this issue and believe it resulted in an improved final rule.
FinCEN also implemented an Analyst Exchange program with the Kenyan FIU.