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Video instructions and help with filling out and completing 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.