Financial Crimes Enforcement Network

Program Summary by Budget Activity

Dollars in Thousands

Financial Crimes Enforcement Network FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Budget Activity Operating 

Plan

Operating 

Plan Request $ Change % Change 

BSA Administration and Analysis $161,000 $190,193 $228,908 $38,715 20.36%

Subtotal, Financial Crimes Enforcement 

Network $161,000 $190,193 $228,908 $38,715 20.36%

Offsetting Collections - Reimbursable $2,100 $3,500 $3,500 $0 0.00%

Recovery from Prior Years $6,089 $0 $0 $0 NA 

Unobligated Balances Brought Forward $20,189 $41,656 $41,656 $0 0.00%

Total Program Operating Level $28,378 $45,156 $45,156 $0 0.00%

Total Budgetary Resources $189,378 $235,349 $274,064 $38,715 16.45%

Direct FTE 285 289 350 61 21.11%

Reimbursable FTE 1 3 3 0 0.00%

Total Full-time Equivalents (FTE) 286 292 353 61 20.89%

1 FY 2022 Other Resources and Full-time Equivalents (FTE) reflect actuals. 

2 Table does not include $19.0 million in funding provided under Ukraine Supplemental Appropriations Act, 2022, Division N of the 

Consolidated Appropriations Act, 2022 (P.L. 117-103) and $22.3 million provided by the Additional Ukraine Supplemental 

Appropriations Act, 2022 (P.L. 117-128).

Summary

The mission of the Financial Crimes Enforcement Network (FinCEN) is to safeguard the 

financial system from illicit use, combat money laundering and its related crimes including 

terrorism, and promote national security through the strategic use of financial authorities and the 

collection, analysis, and dissemination of financial intelligence. FinCEN is the primary Federal 

regulator and the administrator for the Bank Secrecy Act (BSA), which is part of the 

comprehensive legal architecture in the fight against money laundering and its related crimes. 

FinCEN plays two key roles in the U.S. financial regulatory, anti-money laundering and 

countering the financing of terrorism framework:

• First, FinCEN is the primary regulator and the administrator of the BSA, which is part of the 

comprehensive legal architecture in the fight against money laundering and its related crimes. 

FinCEN, through its administration of the BSA, is a global leader in both regulating money 

transmission, including that involving convertible virtual currency and has taken action 

against its illicit use.

• Second, FinCEN is the Financial Intelligence Unit, or FIU, of the United States.

The FY 2024 President’s Budget requests additional resources totaling $38,715,000 above the 

FY 2023 enacted level, including for the continued implementation of the Anti-Money 

Laundering Act of 2020 (AMLA) (which includes the Corporate Transparency Act (CTA), and is 

part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 

2021 (NDAA)), to strengthen, modernize, and streamline the existing AML/Countering the 

Financing of Terrorism (AML/CFT) regime, and for the mandatory creation of the Beneficial 

Ownership Information Technology (IT) Systems as the first national repository for beneficial 

ownership information. 
Budget Highlights

Dollars in Thousands

Financial Crimes Enforcement Network FTE Amount

FY 2023 Operating Plan 289 $190,193 

Changes to Base:

Maintaining Current Levels (MCLs): 0 $5,568 

Pay Annualization (4.6% average pay raise) 0 $655 

Pay Raise (5.2% average pay raise) 0 $2,248 

Non-Pay 0 $2,664 

Subtotal Changes to Base 0 $5,568 

FY 2024 Current Services 289 $195,761 

Program Changes:

Program Increases: 61 $33,147 

AMLA Implementation 40 $18,224 

CTA Implementation and BOSS 20 $11,123 

FinCEN Investigative Tools 0 $3,000 

DEIA Staffing and Program Support 1 $800 

Subtotal Program Changes 61 $33,147

FY 2024 President's Budget Request 350 $228,908 

Budget Adjustments

Adjustments to Request

Maintaining Current Levels (MCLs).........................................................+$5,568,000 / +0 FTE 

Pay Annualization (4.6%) +$655,000 / +0 FTE 

Funds are requested for annualization of the January 2023 4.6% average pay raise. 

Pay Raise (5.2%) +$2,248,000 / +0 FTE 

Funds are requested for a 5.2% average pay raise in January 2024. 

Non-Pay (2.0%) +$2,664,000 / +0 FTE 

Funds are requested for non-labor expenses such as travel, contracts, rent, supplies, and 

equipment. 

Program Increases ..............................................................................+$33,147,000 / +61 FTE

AMLA/CTA Implementation +$29,347,000 / +60 FTE

The enactment of the FY 2021 National Defense Authorization Act (NDAA) included significant 

reforms to the U.S. AML/CFT regime through the AMLA and the CTA. The AMLA and CTA 

seek to strengthen, modernize, and streamline the existing AML/CFT regime by promoting 

innovation, regulatory reform, and industry engagement through forums such as the Bank 

Secrecy Act Advisory Group (BSAAG) and FinCEN Exchange. The AMLA calls for FinCEN 

to work closely with our regulatory, national security, and law enforcement partners to better 

identify risks and priorities and provide valuable feedback to industry and the general public. 

Within the AMLA, the CTA establishes a framework for uniform beneficial ownership 

information (BOI) reporting requirements for many corporations, limited liability companies, 

and other similar entities formed or registered to do business in the United States. The CTA 

instructs FinCEN to collect BOI, store it in a secure system that FinCEN must build, and share it 
with authorized government authorities and financial institutions, subject to effective safeguards 

and controls that FinCEN must establish. FinCEN has issued a final rule implementing the BOI 

reporting requirements, which will become effective January 1, 2024. FinCEN estimates that 

there will be approximately 32.6 million reporting companies filing BOI reports during the first 

year of the rule’s implementation. FinCEN received Treasury Executive Office for Asset 

Forfeiture (TEOAF) Strategic Support and appropriated funds that allowed us to develop the

Beneficial Ownership (BO) Minimal Viable Product (MVP), and FinCEN has now received 

sufficient funds to support the expected operations and maintenance expenses of the BO MVP in 

the out-years. 

The AMLA and the CTA together mandate approximately 40 rulemaking or other requirements, 

including periodic Congressional reporting on implementation efforts, assessments, and 

findings. Some key requirements under these acts include:

1. Establishing standards for the reporting of BOI, building an information technology system 

to collect and secure the data, and creating access protocols, and ensuring enforcement of 

and compliance with the new reporting requirements;

2. Establishing national anti-money laundering and countering the financing of terrorism 

priorities, issuing regulations to implement those priorities and other related requirements, 

and ensuring enforcement of and compliance with the new requirements;

3. Enhancing whistleblower provisions to ensure a robust program for whistleblowers with 

information regarding violations of the BSA and awards;

4. Establishing an Office of Domestic Liaison;

5. Establishing foreign financial intelligence liaison positions;

6. Establishing Innovation Officer and an Information Security Officer positions;

7. Reviewing and revising Currency Transaction Report (CTR) and Suspicious Activity Report 

(SAR) requirements, and other existing BSA regulations and guidance;

8. Expanding BSA requirements and obligations to persons engaged in the trade of antiquities; 

9. Hosting a Financial Crimes Tech Symposium, and establishing two new BSA Advisory 

Group subcommittees to enhance public-private partnerships in the areas of innovation and 

technology as well as information security;

10. Establishing a BSA Analytical Hub;

11. Conducting a formal review of regulations and guidance implementing the BSA;

12. Formalizing a pilot program to allow financial institutions to share SARs with their foreign 

branches, subsidiaries, and affiliates, and ensuring enforcement of and compliance with the 

new requirements;

13. Establishing an ongoing, timely process to receive and evaluate requests from law 

enforcement to financial institutions to keep accounts open; and

14. Establishing an annual BSA training program for all Federal examiners in the United States. 

With respect to the CTA, the funding request from FinCEN is to support FTEs needed to fully 

implement the mandates by: (i) drafting required regulations and related compliance materials 

and guidance; (ii) conducting stakeholder outreach to communicate information about the 

requirement; (iii) drafting required Congressional reports; (iv) developing and providing training 

on how to use the required Beneficial Ownership IT systems; (v) establishing access to BOI for 

authorized users; (vi) monitoring and auditing compliance with the CTA and enforcing violations 

of its requirements; (vii) establishing administrative processes to grant exemptions and provide 

relief from the CTA’s requirements; (viii) establishing a BOI call center to respond to inquiries 
from the public about how to comply with the CTA; (ix) conducting BO-related data 

management and analysis; and (x) providing related legal, administrative, security, and human 

resources support.

The funding request from FinCEN will also support: (i) FTEs who can draft the regulations and 

related guidance and respond to requests for administrative rulings regarding the interpretation of 

the regulations issued pursuant to the AMLA/CTA; (ii) the funding for regulatory economist 

FTEs who are necessary to develop regulatory impact analyses pursuant to Executive Orders 

(E.O.s) 12866 (“Regulatory Planning and Review”) and 13563 (“Improving Regulations and 

Regulatory Review”), the Regulatory Flexibility Act (RFA), the Paperwork Reduction Act 

(PRA), the Unfunded Mandates Act , and the Congressional Review Act and other similar 

applicable statutes; and (iii) FTEs to staff the compliance hotline to respond to incoming 

inquiries relating to the AMLA and associated regulations and guidance issued by FinCEN. 

Timely and effective AMLA and CTA implementation continues to be FinCEN’s top priority 

and presents significant complexity and resource challenges. FinCEN is working diligently with 

private sector and civil society stakeholders and law enforcement and regulatory counterparts to 

implement these numerous provisions to further the national security, financial integrity, and 

innovative strength of the United States and protect the American people.

The Whistleblower Program: Section 6314 of the AMLA modified and enhanced the 

whistleblower provisions of the BSA by, among other things, significantly increasing the 

maximum possible award FinCEN can issue to an eligible whistleblower who voluntarily 

provides information to FinCEN, the Department of Justice (DOJ), or the whistleblower’s 

employer regarding certain violations of the BSA. Consistent with these statutory requirements, 

FinCEN established an Office of the Whistleblower that is responsible for: receiving and 

adjudicating tips, complaints, and referrals; designing and implementing the policies and 

procedures of the whistleblower program; and processing award applications for eligible 

whistleblowers. 

The Anti-Money Laundering Whistleblower Improvement Act, which was enacted as part of the 

Consolidated Appropriations Act, 2023, P.L. 117-328, further enhanced FinCEN’s whistleblower 

program by: (i) establishing a $300 million revolving fund (Financial Integrity Fund) to pay 

eligible whistleblowers; (ii) expanding the whistleblower program to include awards for 

violations of U.S. economic and trade sanctions programs, including but not limited to those 

targeting Russia and its malign activities; and (iii) requiring the payment of awards to eligible 

whistleblowers that are equal to 10 to 30 percent of what has been collected of the monetary 

sanctions imposed in a covered enforcement action. FinCEN expects the establishment of this 

fund will very likely increase interest and participation in FinCEN’s whistleblower program. 

FinCEN will use the funding from this request to: (i) administer and manage the $300 million 

revolving award fund, including by disbursing awards in a timely and secure manner; (ii) 

develop a public facing information technology system for the submission of tips and award 

applications; (iii) develop the capacity to securely share tips and facilitate review by FinCEN and 

law enforcement partners; (iv) recruit enforcement personnel dedicated to investigating BSA and 

other violations submitted by whistleblowers; and (v) recruit personnel dedicated to the 

administration of the whistleblower program to review tips, adjudicate award applications, 

coordinate with DOJ and other relevant agencies, and engage in outreach and education 

campaigns with the public. Such funding will also help ensure that any tips related to cyber-
crimes, corruption, drug trafficking, Russia, and other illicit finance and national security 

priorities are reviewed and referred to appropriate offices for investigation and prosecution in a 

comprehensive and swift manner.

This funding level assumes continuous hiring actions to get FinCEN to an onboard strength of 

400 positions by the end of FY 2024 (yielding 350 FTE in FY 2024 given staff will be hired 

throughout the year). 

FinCEN Investigative Tools +$3,000,000 / +0 FTE 

Funding will enable FinCEN to maintain the expanded access to additional software, databases 

and licenses for greater threat research capabilities that was made possible with Ukraine 

supplemental funding in FY 2022 and FY 2023. 

DEIA Staffing and Program Support +$800,000 / +1 FTE 

Staff and contractor support for the Diversity, Equity, Inclusion and Accessibility (DEIA)

program that is not currently in base funding. 

Legislative Proposals 

FinCEN has no legislative proposals. 

Performance Highlights FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Budget Activity Performance Measure Actual Actual Actual Target Target 

BSA Administration and 

Analysis 

Percentage of Domestic Law 

Enforcement and Regulators Who 

Assert Queried BSA Data Led to 

Detection and Deterrence of Illicit 

Activity

90% 93% 92% 90% 90%

BSA Administration and 

Analysis 

Percentage of Users Satisfied with 

existing FinCEN Information 

Sharing Systems

88% 87% 87% 85% 85%

Description of Performance

FinCEN conducts four annual surveys of the BSA user-facing systems, information sharing 

tools, and to assess the value of FinCEN’s data and analysis. The results provide valuable 

feedback on FinCEN’s performance safeguarding the financial system from illicit use, 

combatting money laundering, and promoting national security. 

Additionally, FinCEN monitors the percentage of domestic law enforcement and regulators who 

assert that queried BSA data led to the detection and deterrence of illicit activity. The survey 

looks at the value of FinCEN data, such as whether the data provided unknown information; 

supplemented or expanded known information; verified information; helped identify new leads; 

opened a new investigation or examination; supported an existing investigation or examination; 

or provided information for an investigative or examination report.