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Video instructions and help with filling out and completing Fincen training

Instructions and Help about Fincen training

Hello and welcome to the FinCEN informational video designed to help you detect and deter money laundering FinCEN stands for the Financial Crimes enforcement network a Bureau of the US Department of the Treasury this video will tell you about federal regulations under the Bank Secrecy Act often referred to as the BSA these regulations may require your business to report suspicious financial activity you will also learn how to recognize suspicious activity we all know money is often the motive for committing a crime because money can also be evidence of a crime criminals need to hide their illegally obtained money in order to use it without fear of being arrested for their crimes the process of hiding or disguising the source of illegally obtained money in an effort to make it appear legitimate is called money laundering money launderers move the proceeds of crime or dirty money into and through the global financial system in an effort to clean the money so it appears to be obtained legitimately step one involves the placement of money into financial institutions such as MSBs banks securities brokers or dealers casinos and more after criminals place the money into financial institutions it is layered into the financial system through financial transactions including bank withdrawals wire transfers and the buying of monetary instruments the final step in laundering money is the integration of that money into the economy through purchases of items such as boats houses cars and businesses and just like the crimes that tries to hide money laundering is a crime money laundering is a process that may involve a variety of techniques and strategies but the ultimate goal is to launder the money through a series of transactions these transactions are designed to disguise the paper trail leading back to the original crime so how do criminals launder money let's take a closer look one very common way criminals attempt to place illegally obtained or dirty money into the financial system is by designing a transaction to evade a Bank Secrecy Act reporting or record-keeping requirement this is called structuring structuring is a federal crime and must be reported by filing a suspicious activity report or SAR if the amount involved is two thousand dollars or more to understand your obligation to help prevent money laundering we'll need to review BSA reporting and record-keeping requirements if your business provides check cashing currency dealing or exchange or you issue sell or redeem money orders traveler's checks or stored value and you do business of more than one thousand dollars with the same person in any of these activities on the same day your business is a Money Services business or MSB however if your business provides money transfers it's automatically an MSB MSBs our financial institutions under the Bank Secrecy Act certain MSBs are required to register with FinCEN under the BSA all MSBs are required to have anti-money laundering compliance programs in addition MSBs are required to maintain certain.

FAQ

What branch of government is FinCEN?
FinCEN is a bureau of the U.S. Department of the Treasury.
Who enforces FinCEN?
FinCEN tracks suspicious persons and activity by researching mandatory disclosures for financial institutions. The FinCEN receives its duties from Congress and the director of the bureau is appointed by the Treasury Secretary.
What is the full meaning of FinCEN?
FinCEN. Financial Crimes Enforcement Network, Department of the Treasury.
What are the FinCEN requirements?
Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports of cash transactions exceeding $10,000 (daily aggregate amount), and to report suspicious activity that might signify money laundering, tax evasion, or other criminal activities.
Is FinCEN part of the FBI?
Currently, FinCEN provides the FBI with access to electronic copies of BSA filings to be imported into an FBI data warehouse. This platform allows specific data fields to be extracted and compared against investigative information and intelligence collected by the FBI and other agencies.
How do I access my FinCEN?
User support is available via the FinCEN Application Service Desk at either 866-346-9478 or 703-905- 3772 (Monday 13 Friday from 6.30 am 137.00 pm Eastern Time).
Who can use FinCEN?
FinCEN's regulations under Section 314(a) enable Federal, State, local, and foreign (European Union) law enforcement agencies, through FinCEN, to reach out to financial institutions to locate accounts and transactions of persons that may be involved in terrorism or significant money laundering.
What is the purpose of the FinCEN?
FinCEN's mission is to safeguard the financial system from illicit use and combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.
What FinCEN means?
The Financial Crimes Enforcement Network (FinCEN) is issuing an advisory to alert financial institutions to the rising trend of elder financial exploitation (EFE).
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