Department of the Treasury 

Financial Crimes Enforcement 

Network (FinCEN) 

Congressional Budget 

Justification and Annual 

Performance Plan and Report 

FY 2024 
FinCEN - 2 

Section I – Budget Request........................................................................................................... 3

A – Mission Statement ................................................................................................................ 3

B – Summary of the Request ...................................................................................................... 3

1.1 – Appropriations Detail Table .............................................................................................. 4

1.2 – Budget Adjustments Table ................................................................................................. 4

C – Budget Increases and Decreases Description ....................................................................... 5

1.3 – Object Classification (Schedule O) Obligations ................................................................ 8

D – Appropriations Language and Explanation of Changes ...................................................... 9

E – Legislative Proposals ............................................................................................................ 9

Section II – Annual Performance Plan and Report ................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 12

2.1.1 – BSA Administration and Analysis Resources and Measures ....................................... 12

Section III – Additional Information ........................................................................................ 13

A – Summary of Capital Investments ....................................................................................... 13

 
FinCEN - 3 

Section I – Budget Request 

A – Mission Statement 

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. 

B – Summary of the Request 

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 Anti-Money 

Laundering/Countering the Financing of Terrorism (AML/CFT) regime, and for the mandatory 

creation of the Beneficial Ownership Information Technology (IT) System as the first national 

repository for beneficial ownership information. 

In FY 2022, FinCEN was fortunate to be allocated a total of $41.3 million from two Ukraine 

supplemental funding bills. FinCEN used this funding to hire additional contractors and pay for 

additional investigative tools that staff used in their investigations into suspected sanctions 

evasion activity or to support notices and alerts to help U.S. financial institutions identify 

sanctions evasions. Funds were also used to expand FinCEN’s secure facilities where the 

investigations and analysis were conducted. A few highlights of FinCEN’s accomplishments that 

were made possible with Ukraine supplemental funding:

 FinCEN developed and implemented a methodology to identify and analyze relevant 

information from special collections and SAR filings; instituted a SAR monitoring review 

process; prioritized supporting document requests; and made information available in multiple 

formats to the Office of Terrorism and Financial Intelligence (TFI), law enforcement, and 

intelligence partners.

 FinCEN identified Bank Secrecy Act (BSA) information for spontaneous disclosure to foreign 

financial intelligence unit (FIU) partners; worked closely with FinCEN colleagues to create 

and actively participate in the RRIFS forum; produced numerous proactive and responsive 

tactical analytic products to inform U.S. government and foreign partners. 

 FinCEN developed strategic products that informed the U.S. intelligence picture; analyzed 

thousands of transactions and made findings available to European FIUs to inform their 

sanctions and implementation; responded to numerous requests for information from 

Intelligence Community (IC) counterparts; and issued numerous serialized reports derived 

from BSA information for sharing with national security partners.

 FinCEN developed materials and briefed substantive information in FinCEN Exchanges and 

PPP dialogues with foreign partners.

 FinCEN’s efforts have been instrumental to the multilateral Russian Elites, Proxies, and 

Oligarchs (REPO) task force in identifying the corrupt proceeds of sanctioned Russian persons. 

 Most recently, Treasury’s Office of Foreign Assets Control (OFAC) recognized the key data 

provided by FinCEN in support of their action to impose full blocking sanctions against 22 

individuals and entities across multiple countries related to a sanctions evasion network 

supporting Russia’s military-industrial complex.
FinCEN - 4 

FinCEN appreciates and continues to make great use of Ukraine supplemental funding. This 

funding expires at the end of FY 2023. FinCEN has requested additional funding in this request 

to continue resources such as investigative tools upon which our staff and our federal and 

international partners have come to rely so that this work is not continued at the expense of other 

mission work.

1.1 – Appropriations Detail Table 

1.2 – Budget Adjustments Table 

Dollars in Thousands

Appropriated Resources

New Appropriated Resources FTE AMOUNT FTE AMOUNT FTE AMOUNT FTE AMOUNT

BSA Administration and Analysis 285 $161,000 289 $190,193 350 $228,908 21.1% 20.4%

Subtotal New Appropriated Resources 285 $161,000 289 $190,193 350 $228,908 21.1% 20.4%

Other Resources

Reimbursable 1 $2,100 3 $3,500 3 $3,500 0.0% 0.0%

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

Unobligated Balances from Prior Years 0 $20,189 0 $41,656 0 $41,656 NA 0.0%

Transfers In/Out (TEOAF) 0 $22,500 0 $0 0 $0 NA NA

Subtotal Other Resources 1 $50,878 3 $45,156 3 $45,156 0.0% 0.0%

Total Budgetary Resources 286 211,878 292 $235,349 353 $274,064 20.9% 16.5%

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).

% Change

FY 2022 FY 2023 FY 2024 FY 2023 to FY 2024

Operating Plan Operating Plan Request

FTE Amount

FY 2023 O perating 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

Dollars in Thousands
FinCEN - 5 

C – Budget Increases and Decreases Description 

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 
FinCEN - 6 

information regarding violations of the Bank Secrecy Act (BSA) and U.S. economic and 

trade sanctions programs to participate in the program and potentially receive 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 Bank Secrecy Act 

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 (UMRA), and the Congressional Review Act (CRA) 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 
FinCEN - 7 

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 passed 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 to pay eligible whistleblowers 

(Financial Integrity Fund); (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 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 cybercrimes, 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 

Diversity, Equality, Inclusion and Accessibility (DEIA) is a priority of the Biden Administration, 

the Treasury and FinCEN. With only one FTE, FinCEN currently lacks resources to adequately 
FinCEN - 8 

staff and support its DEIA program and proactively develop impactful programs and bureau 

strategies. One additional staff and contract support will help FinCEN devote much-needed 

attention and resources to this important program. 

1.3 – Object Classification (Schedule O) Obligations 

 

Dollars in Thousands

FY 2022 FY 2023 FY 2024

Object Classification

Actual

Obligations

Estimated

Obligations

Estimated

Obligations

11.1 - Full-time permanent 39,170 41,482 53,338

11.3 - Other than full-time permanent 221 150 150

11.5 - Other personnel compensation 1,081 1,023 1,023

11.9 - Personnel Compensation (Total) 40,473 42,655 54,511

12.0 - Personnel benefits 14,300 14,337 17,800

Total Personnel and Compensation Benefits $54,773 $56,992 $72,311

21.0 - Travel and transportation of persons 149 1,339 1,755

23.1 - Rental payments to GSA 4,093 3,630 4,563

23.2 - Rental payments to others 34 0 1,021

23.3 - Communications, utilities, and miscellaneous charges 2,186 2,600 3,504

24.0 - Printing and reproduction 150 415 69

25.1 - Advisory and assistance services 2,214 22,880 23,441

25.2 - Other services from non-Federal sources 53,618 64,357 73,767

25.3 - Other goods and services from Federal sources 14,452 15,000 13,030

25.4 - Operation and maintenance of facilities 21 0 0

25.6 - Medical care 180 180 180

25.7 - Operation and maintenance of equipment 7,463 22,000 15,792

26.0 - Supplies and materials 148 300 2,851

31.0 - Equipment 25,396 4,000 20,124

Total Non-Personnel $110,104 $136,701 $160,097

Total Obligations $164,877 $193,693 $232,408

Full-time Equivalents (FTE) 286 292 353

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)

Amounts reflect obligations of annually appropriated resources, carryover balances, reimbursables, and transfers. 
FinCEN - 9 

D – Appropriations Language and Explanation of Changes 

Appropriations Language Explanation of Changes 

DEPARTMENT OF THE TREASURY 

FINANCIAL CRIMES ENFORCEMENT NETWORK 

Federal Funds 

SALARIES AND EXPENSES 

For necessary expenses of the Financial Crimes 

Enforcement Network, including hire of passenger motor 

vehicles; travel and training expenses of non-Federal and 

foreign government personnel to attend meetings and 

training concerned with domestic and foreign financial 

intelligence activities, law enforcement, and financial 

regulation; services authorized by 5 U.S.C. 3109; not to 

exceed $25,000 for official reception and representation 

expenses; and for assistance to Federal law enforcement 

agencies, with or without reimbursement, $228,908,000

[$190,193,000] of which not to exceed $94,600,000

[$55,000,000] shall remain available until September 30, 

2026 [2025]. (Department of the Treasury 

Appropriations Act, 2023.)

Changes to the 

appropriations language 

represent the additional 

amount for necessary 

expenses of the Financial 

Crimes Enforcement 

Network for the 

implementation of 

Division F of the William 

M. (Mac) Thornberry 

National Defense 

Authorization Act for 

Fiscal Year 2021 (Public 

Law 116-283), the Anti-Money 

Laundering Whistleblower 

Improvement Act (AML 

Whistleblower Improvement 

Act), which is Title IV of 

Division AA of the Consolidated 

Appropriations Act, 2023, Public 

Law 117-328 (December 29, 

2022), and for expansion of the 

Diversity, Equality, Inclusion, 

and Accessibility program. 

E – Legislative Proposals 

FinCEN has no legislative proposals. 
FinCEN - 10 

Section II – Annual Performance Plan and Report 

A – Strategic Alignment 

FinCEN aligns budget activities and performance measures to the new objectives in the Treasury 

FY 2022 – 2026 Strategic Plan. Most notably, FinCEN’s work supports Treasury’s Strategic 

Objective 2.2: Economic Measures to Advance National Security which seeks to enhance and 

protect national security through the application of targeted financial measures and review of 

certain foreign investments; and Strategic Objective 2.4: Transparency in the Financial System 

which seeks to increase transparency in the domestic and international financial system. 

Since the start of FY 2022, FinCEN had several noteworthy accomplishments highlighted below: 

Implementation of the AMLA and the CTA: 

FinCEN has carried a heavy workload since the enactment of the AMLA, including the CTA, in 

early 2021. With regard to rulemakings and information collection actions, FinCEN has been 

working on eight significant rulemaking initiatives (initiatives include final rules, those at the 

initial research and development phase, those issued, or soon to be issued for public comment, 

and those that are being researched and developed to be issued as final rule changes) and six 

regulatory actions that renew information collection requirements with respect to existing 

regulations. In particular, FinCEN issued the final rule regarding BOI reporting requirements 

pursuant to the CTA. 

FinCEN also led or provided substantive support to non-AMLA related efforts, particularly with 

a focus on Russia and the Administration’s anti-corruption initiative and issued the following 

products or participated in the following activities: 

 Advisory on Ransomware (November 8, 2021); 

 Alert on Potential Russian Sanctions Evasion Attempts (March 7, 2022); 

 Alert on Real Estate, Luxury Goods, and Other High Value Assets Involving Russian Elites, 

Oligarchs, and their Family Members (March 16, 2022); 

 Advisory on Kleptocracy and Foreign Public Corruption (April 14, 2022); 

 Advisory on Elder Financial Exploitation (June 15, 2022); 

 Joint Alert with the Department of Commerce’s Bureau of Industry and Security related to 

Potential Export Control Evasion Attempts (June 28, 2022); 

 Provided substantial support to Treasury’s implementation of Executive Order 14067, 

“Ensuring Responsible Development of Digital Assets,” including supporting the 

development and publication of an action plan to address illicit finance risks posed by digital 

assets; 

 Real Estate Geographic Targeting Orders (GTOs) (October 29, 2021, April 29, 2022, 

October 26, 2022); 

 Advance Notice of Proposed Rulemaking (ANPRM) on Real Estate (December 6, 2021); 

 Identification of virtual currency exchange Bitzlato as a “primary money laundering 

concern” in connection with Russian illicit finance, pursuant to section 9714(a) of the 

Combating Russian Money Laundering Act, as amended. (January 18, 2023); and

 Supported U.S. Government and international efforts to combat Russia-related illicit finance 

following Russia’s further invasion of Ukraine, including the multilateral Russian Elites, 
FinCEN - 11 

Proxies, and Oligarchs (REPO) Task Force. 

Evolving Threats: 

In response to evolving threats, including ransomware, nefarious use of digital assets, anticorruption, including Russia-related illicit finance, and other illicit activities, FinCEN produced 

strategic and tactical analytic products and assessments for U.S. Government and domestic law 

enforcement partners. Reports received by FinCEN as part of its statutory reporting 

requirements support significant law enforcement investigations and prosecutions, as well as the 

Office of Foreign Assets Control (OFAC) designations to protect U.S. national security and 

foreign policy interests. FinCEN also published publicly available Financial Trend Analysis and 

Financial Threat Analysis reports focused on ransomware and illicit finance threats involving 

wildlife trafficking. In coordination with Treasury’s Office of Cybersecurity and Critical 

Infrastructure Protection (OCCIP), FinCEN published joint analytic products for the financial 

industry on cyber indicators and threats to inform cyber security efforts. FinCEN and OCCIP 

also published joint products on cyber threats with Federal Bureau of Investigation (FBI) and the 

Department of Homeland Security (DHS)/ Cybersecurity and Infrastructure Security Agency 

(CISA) for industry consumption. FinCEN also trained domestic and foreign law enforcement, 

regulatory, and industry stakeholders in detecting, investigating, and disrupting cyber-enabled 

and emerging technology financial crimes. 

Enforcement and Compliance: 

FinCEN finalized three enforcement actions in response to violations of the BSA which resulted 

in the assessment of civil money penalties pursuant to 31 U.S.C. § 5321 totaling, in the 

aggregate, $148,275,000. 

FinCEN’s Office of the Whistleblower reviewed and adjudicated 67 tips, referrals, and 

complaints during FY 2022, and made 13 referrals for further investigation. 

Public-Private Engagement: 

 FinCEN continued to enhance and effectively execute its Rapid Response Program (RRP), 

which assists law enforcement in the recovery of funds stolen from U.S. victims of cyberenabled fraud schemes. The RRP has been used to confront cyber threats involving 

approximately 85 foreign jurisdictions and since its inception in 2015 has successfully 

assisted in the recovery of over $1.1 billion. In FY 2022, the RRP received 806 requests 

from law enforcement with a total value of approximately $357 million, of which the RRP 

assisted in recovering approximately $174 million for U.S. victims (49% of the value 

reportedly stolen).1

 

 FinCEN hosted Innovation Hours meetings with Financial Technology, Regulatory 

Technology, and other firms creating innovative solutions to AML/CFT challenges, which 

FinCEN is using to enhance our national security through the promotion of responsible 

financial services innovation that furthers the purposes of the Bank Secrecy Act (BSA). 

 The Bank Secrecy Act Advisory Group (BSAAG) conducted two plenary meetings in FY 

2022 that were primarily focused on AML Act implementation efforts. The subcommittees 

continue to focus on innovations such as Artificial Intelligence (A.I.), digital identification, 

1

 https://www.fincen.gov/sites/default/files/shared/RRP%20Fact%20Sheet%20Notice%20FINAL%20508.pdf 
FinCEN - 12 

and privacy enhancing technologies (PETs), and how these technologies might advance BSA 

compliance. These subcommittees bring together financial institutions, trade groups, and 

federal and non-federal regulators and law enforcement agency representatives. 

 The FinCEN Exchange is FinCEN’s voluntary public-private information sharing partnership 

among law enforcement, national security agencies, financial institutions, and other relevant 

private sector entities aimed at effectively and efficiently combating money laundering, 

terrorism financing, organized crime, and other financial crimes; protecting the financial 

system from illicit use; and promoting national security. FinCEN hosted eight FinCEN 

Exchanges in FY 2022, and as of February 10, 2023, FinCEN has already hosted six in FY 

2023. 

Enhance Systems and Analytical Capabilities:

 FinCEN completed a FISMA High Government Cloud Environment (FinCloud), which will 

be used as the primary hosting platform for the bureau’s mission-essential applications. 

 FinCEN completed the detailed Planning and Design for the BO IT systems and made 

progress towards the development efforts. 

 FinCEN completed a major upgrade of FinCEN’s public-facing website, FinCEN.gov, to 

ensure ongoing support and maintain the appropriate security posture. 

 FinCEN expanded its enterprise analytics environment, which connects data to more 

advanced tools to provide capabilities such as dashboarding, visualization, and notebooks.

B – Budget and Performance by Budget Activity 

2.1.1 – BSA Administration and Analysis Resources and Measures 

 

Dollars in Thousands

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual O perating 

Plan Request

Appropriated Resources $115,003 $117,800 $126,000 $126,963 $161,000 $190,193 $228,908

Reimbursable Resources $2,198 $1,771 $3,000 $1,941 $2,100 $3,500 $3,500

TEOAF 0 0 0 $6,728 $22,500 0 0

Budget Activity Total $117,201 $119,571 $129,000 $135,632 $185,600 $193,693 $232,408

281 273 265 271 286 292 353

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Estimate Estimate Estimate

Number of SARs filed 2,537,225 2,698,841 3,039,421 3,524,610 4,307,713 3,595,102 3,667,004 4,307,713

Number of total BSA reports 

filed 20,393,947 20,755,285 20,051,834 23,036,995 26,930,703 23,497,735 23,967,690 26,930,703

Number of BSA users 11,739 12,801 13,047 13,260 13,651 13,525 13,796 13,651

FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2022 FY 2023 FY 2024

Actual Actual Actual Actual Actual Target Target Target

Percentage of Domestic Law 

Enforcement and Regulators 

Who Assert Queried BSA Data 

Led to Detection and Deterrence 

of Illicit Activity

85% 92% 90% 93% 92% 90% 90% 90%

Percentage of Users Satisfied 

with existing FinCEN 

Information Sharing Systems

86% 89% 88% 87% 87% 85% 85% 85%

 Resource Level

Full-time Equivalents (FTE)

Performance Measure

Key: DISC - Discontinued; B - Baseline; I - Indicator

Workload O utput/Activity
FinCEN - 13 

BSA Administration and Analysis Budget and Performance 

($228,908,000 from direct appropriations, $3,500,000 from reimbursable sources): 

FinCEN is a bureau of the U.S. Department of the Treasury. The Director of FinCEN reports to 

the Under Secretary for the Office of Terrorism and Financial Intelligence (TFI). FinCEN serves 

two primary roles in the financial regulatory and anti-money laundering framework: 1) 

administrator and primary regulator of the BSA; and 2) FIU for the United States. In carrying 

out its mission, FinCEN has numerous statutory areas of responsibility: 

 Developing and issuing regulations under the BSA, including the regulatory requirements of 

the AMLA/CTA which are codified as part of the BSA; 

 Enforcing compliance with the BSA, at times in partnership with law enforcement and other 

regulatory partners; 

 Maintaining a network of information sharing with FIUs in 166 partner countries that are part 

of the Egmont Group of FIUs; 

 Receiving millions of new financial reports each year; 

 Securing and maintaining the BSA database, with over 300 million reports; 

 Analyzing and disseminating financial intelligence to federal, state, and local law 

enforcement, federal and state regulators, foreign FIUs, and industry; and 

 Promoting authorized information sharing and coordination among law enforcement, FIUs, 

regulatory partners, and industry. 

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. 

Section III – Additional Information 

A – Summary of Capital Investments 

As the administrator of the BSA, FinCEN receives valuable information reported and collected 

under BSA requirements, which totaled nearly 27 million filings in FY 2022. To successfully 

fulfill its mission, FinCEN relies on secure, advanced IT to manage the collection, processing, 

storage, analysis, and dissemination of BSA information that contributes to the strength of and 

confidence in the U.S. financial system. The CTA requires that many companies report 

beneficial ownership information to FinCEN. As a result, FinCEN, has expanded its IT 

investment portfolio to include the resources necessary to securely collect, process, store, and 

disseminate beneficial ownership information (BOI). 

 

FinCEN’s IT strategy takes into account the growing need for financial institutions to meet 
FinCEN - 14 

obligations as efficiently as possible, while ensuring that FinCEN and law enforcement agencies 

receive accurate, timely, and reliable BSA information and BOI to track money trails, identify 

money laundering, and unravel terrorist financing networks. FinCEN’s IT strategy also focuses 

on the critical need to improve the quality and accessibility of its data and increase 

responsiveness to stakeholders by maintaining and building upon flexible and innovative 

technical solutions. In FY 2023, FinCEN received additional funds, which has allowed the 

bureau to fully support its foundational mission architecture and BSA systems. This increase of 

funds also provides the requisite funds to allow FinCEN to operate and maintain the BO IT 

system’s minimum viable product (MVP), targeting production deployment on January 1, 2024. 

A summary of capital investments, including major information technology and non-technology 

investments, can be accessed at: 

https://www.treasury.gov/about/budget-performance/Pages/summary-of-capitalinvestments.aspx.