So long as we have had currency to exchange, have been those who produce, acquire and distribute the capital for illegal purposes. In recent decades, with the prevalence of online business (e-commerce) and the increasing anonymity of customers worldwide, these techniques have adapted to become more dangerous and more difficult to investigate. For these reasons, the United States federal government has instated system regulations designed to standardize how US companies interact with consumers and move capital between your hands and around the world.
Among the agencies that manage the planning and execution of these commercial rules, the Financial Crimes Enforcement Network (FinCEN). Compliance with FinCEN, most notably the Bank Secrecy Act is an important aspect of running a safe and federally sound business, both online and in brick-and-mortar locations. In this article we will discuss the basics of FinCEN, the bank secrecy laws and how to determine whether your company to be in compliance.
FinCEN was established as a division United States Department of the Treasury in 1990 in order to provide a network of Financial Intelligence and analytical resources to the government as a whole. FinCEN operates toward efforts transparency of business in order to identify, reduce and prevent criminal transportation and use of US currency both here and abroad. With FinCEN network, the US government has built relationships worldwide by sharing financial intelligence and keep domestic businesses consistent level of financial security.
What is the Bank Secrecy Act?
The Bank Secrecy Act (BSA) consists of the first federal law specifically written to combat the crime of money laundering by putting forward a set of safety all US companies must meet. Under the administration of FinCEN in 1994, BSA includes both the original initiative to combat money laundering and the improved following the establishment of the USA Patriot Act of 2001, BSA widened to encompass anti-American funding and pro-terrorist trade in American currency.
What companies have to meet?
As a matter of national security, all American companies responsible for verifying the identity of all individuals who they do business. However, those who will be most affected by FinCEN and the BSA are financial institutions. Among them may not limited to: depository institutions, security brokers and dealers and financial service providers. Contact your branch if you need clarification of the level of obligation to FinCEN regulations
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