FinCEN
The U.S. Treasury bureau that administers the Bank Secrecy Act and collects the Beneficial Ownership Information (BOI) report.
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the U.S. Treasury Department that combats money laundering and financial crimes. FinCEN administers the Bank Secrecy Act (BSA), collects Suspicious Activity Reports (SAR) and Currency Transaction Reports (CTR), and (since 2024) operates the Beneficial Ownership Information (BOI) reporting system that nearly all U.S. LLCs must file. FinCEN does not regulate banks directly — that is the OCC, Federal Reserve, and FDIC — but its rules drive most KYC/KYB requirements.
Also known asFinancial Crimes Enforcement Network, fincen.gov
Related terms
- BOI Report — The FinCEN report under the Corporate Transparency Act that discloses each beneficial owner of a U.S. LLC or c…
- BSA — The 1970 federal law (31 USC 5311 et seq.) that requires U.S. financial institutions to keep records and file …
- Patriot Act Section 326 — The 2001 USA PATRIOT Act provision requiring financial institutions to implement a Customer Identification Pro…
- CDD — The FinCEN rule requiring financial institutions to identify and verify the identity of beneficial owners of l…