SIE Exam Question 968: Answer and Explanation

Question: 968

All but which of the following are correct regarding FinCEN?

• A. Its mission is to provide a network to support the detection, investigation, and prosecution of domestic and international money laundering and other financial crimes.
• B. It uses counter-money laundering laws, such as the Bank Secrecy Act, to require reporting and recordkeeping by banks and other financial institutions.
• C. It administers and enforces economic and trade sanctions against threats to the national security, foreign policy, or economy of the United States.
• D. It provides intelligence and analytical support to law enforcement and works to maximize information sharing among law enforcement agencies.

Correct Answer: C

Explanation:

FinCEN's mission is to provide a network to support the detection, investigation, and prosecution of domestic and international money laundering and other financial crimes. It uses counter-money laundering laws, such as the Bank Secrecy Act, to require reporting and recordkeeping by banks and other financial institutions, and it provides intelligence and analytical support to law enforcement and works to maximize information sharing among law enforcement agencies. (The OFAC, not FinCEN, administers and enforces economic and trade sanctions against threats to the national security, foreign policy, or economy of the United States.)