General / In the Field

Financial Crimes Enforcement Network (FinCEN)

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What is FinCEN and what does it do for our nation? As a part of the Department of the Treasury, FinCEN is focused on combatting money laundering and terrorism financing. Director of FinCEN, Jennifer Shasky Calvery, testified in front of the Senate Committee on Homeland Security and and Government Affairs on Monday, November 18. Check out what she has to say about FinCEN’s role in the US Government:

FinCEN’s mission is to safeguard the financial system from illicit use, combat money laundering and promote national security through the collection, analysis, and dissemination of financial intelligence and strategic use of financial authorities.

FinCEN works to achieve its mission through a broad range of interrelated strategies, including:

  • Administering the Bank Secrecy Act (BSA) – the United States’ primary anti-money laundering (AML)/counter-terrorist financing (CFT) regulatory regime;
  • Sharing the rich financial intelligence we collect, as well as our analysis and expertise, with law enforcement, intelligence, and regulatory partners; and,
  • Building global cooperation and technical expertise among financial intelligence units throughout the world.

To accomplish these activities, FinCEN employs a team comprised of approximately 340 dedicated employees with a broad range of expertise in illicit finance, financial intelligence, the financial industry, the AML/CFT regulatory regime, technology, and enforcement. We also leverage our close relationships with regulatory, law enforcement, international, and industry partners to increase our collective insight and better protect the U.S. financial system.

Shasky Calvery goes on to discuss virtual currency, its role in the financial system, and FinCEN’s role in regulating these transactions.

You can read the entire testimony here.