Established in 1990, FinCEN aims to support federal, local and international law enforcement by analyzing information required by Bank Secrecy Act (BSA). Over the years, FinCEN employees have developed expertise in adding value to the information gathered by BSA through discovering unknown information contained in sales leads.
During the FinCEN supervision, it is important to prove that the file is already in place and that all the employees, agents and others who are authorized to act on your behalf are well-trained, and have the ability to effectively implement all elements of a compliance program. Senior officials must approve the compliance program, and the compliance officer must have the necessary authority to enforce the requirements of the compliance program.
On March 18th, 2013, FinCEN announced the application of FinCEN regulations (Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies) and specifies the requirements for enterprises and individuals to use virtual currency in MSB registration. MSB is the acronym for Money Services Business. It is under the regulation of FinCEN (Financial Crimes Enforcement Bureau of the US Department of the Treasury), and needs to go through a registered licensing system. Anyone who engages in a money services business must apply for a license to operate.
At present, only a few large global exchanges and forex companies have this license, such as Huobi, OKEX and Binance from mainland China, Bittrex from the US, and UKF Group from the UK.