FinCEN is the Financial Intelligence Unit for the United States. When you fill out an Ultimate Beneficiary report for a company, remember that FinCEN is the ultimate recipient.
The Financial Crimes Enforcement Network, or FinCEN, is a relatively young bureau within the U.S. Department of the Treasury. FinCEN focuses on collecting and analyzing data regarding the movement of money, especially digitally. It then uses that information to tackle domestic and international money laundering and financing of terrorism, among other crimes.
FinCEN is the U.S. government’s Financial Intelligence Unit (FIU). It serves as pivot for information handling regarding financial information. FinCEN generates four major reports, namely Suspicious Activity Report (FinCEN SAR), Currency Transaction Report (FinCEN CTR), the Designation of Exempt Person (DOEP) and Registered Money Service Business (RMSB).
As the FIU for the United States, FinCEN is responsible for collecting Ultimate Beneficiary information on companies in the country. In that sense, when you fill out paperwork on ultimate beneficiaries, remember that FinCEN is the ultimate recipient of the information on the form.
FinCEN also collects reports from financial institutions such as Suspicious Activity Reports (SARs) and Currency Transaction Reports (CTRs) for transactions over $10,000. The information that it gets from financial institutions becomes available for other law enforcement agencies.
According to the Network itself, FinCEN uses a “follow the money” approach to its work. To that end, money trails for many types of illegal behavior, from fraud to terrorism, are similar, and FinCEN’s data collection and analysis techniques are applicable.
Famous case
FinCEN levied fines against the Taj Mahal in Atlantic City, New Jersey, in 2015, as part of a restructuring following a series of enforcement actions and bankruptcies. Repeated inspections of the casino turned up violations of the Bank Secrecy Act of 1970, especially in terms of its Anti-Money Laundering policies.
The Consent agreement between FinCEN and Trump Taj Mahal puts it succinctly:
“Trump Taj Mahal (a) failed to implement and maintain an effective anti-money laundering program; (b) failed to report suspicious activity related to several financial transactions at the casino; (c) failed to properly file Currency Transaction Reports; and (d) failed to keep appropriate records as required by the BSA and its implementing regulations.”
The fine levied totalled $10 million.
Argomenti
