Financial Crimes Enforcement Network
From Free net encyclopedia
The Financial Crimes Enforcement Network (FinCEN) maintains a comprehensive database of financial records created in 1990 as an arm of the United States Department of the Treasury to combat money laundering. Their primary purpose is to gather information on the movement of large or suspicious amounts of money, and to increase the communication about that movement to various domestic and international law enforcement agencies, including the Bureau of Alcohol, Tobacco, Firearms, and Explosives, the Drug Enforcement Administration, the Federal Bureau of Investigation, the Secret Service, the Internal Revenue Service, the Customs Service, and the U.S. Postal Inspection Service.
It was established by order of the Secretary of the Treasury (Treasury Order Numbered 105–08) on April 25, 1990 and is a bureau in the Department of the Treasury.
All banks, casinos, brokerage firms, or financial institutions that transfer money must notify FinCEN of any cash transaction over $10,000 in value, as well as any other "suspicious" activity.
An interesting side effect of this is that the FinCEN paperwork - in which a legal name must be given - is being used by casinos to catch some of the higher-volume blackjack card counters.
External links
- Template:Usc - Financial Crimes Enforcement Network