Financial Crimes Enforcement Network of the U.S. Department of the Treasury. The Financial Intelligence Unit (FIU) of the United States. FinCEN was established in 1990, and collects and analyzes financial information for law enforcement agencies and regulates the financial communities under the Bank Secrecy Act. It is the primary anti-money laundering regulator in the U.S., with the authority to enact rules and impose penalties and share information with U.S. agencies and with foreign agencies under agreements that are signed with other national FIUs. Section 361 of the USA PATRIOT Act elevated FinCEN from an office to a Bureau within the Treasury Department and making the Director’s position a Presidential appointment subject to Congressional approval. US financial institutions that are covered by the BSA electronically submit their “Suspicious Activity Reports” (SARs) to FinCEN. The latest SAR form “FinCEN Suspicious Activity Report (FinCEN Report 111)” does not have, in its Part II “Suspicious Activity Information”, a dedicated category or check box for “OFAC” or “Sanctions violations”. FinCEN’s website is a source of information on U.S. money laundering regulations and background. See www.fincen.gov.

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