Fincen (Noun)
Meaning
A law enforcement agency of the Treasury Department responsible for establishing and implementing policies to detect money laundering.
Classification
Nouns denoting groupings of people or objects.
Examples
- The Financial Crimes Enforcement Network, also known as FinCEN, works closely with law enforcement agencies to track suspicious financial transactions.
- FinCEN collects and analyzes financial data from various sources to identify patterns of money laundering.
- FinCEN was established in 1990 to coordinate the Treasury Department's efforts to prevent and investigate financial crimes.
- FinCEN's reporting requirements for financial institutions have been instrumental in uncovering and preventing money laundering schemes.
- FinCEN provides training and guidance to financial institutions to help them comply with anti-money laundering regulations.