Financial Institution Definition | FinCEN.gov (2024)

FAQs

What is a financial institution under FinCEN? ›

Financial institutions required to file a FinCEN SAR include: Banks (31 CFR § 1020.320); Casinos and Card Clubs (31 CFR § 1021.320); Money Services Businesses (31 CFR § 1022.320); Brokers or Dealers in Securities (31 CFR § 1023.320); Mutual Funds (31 CFR § 1024.320); and Futures Commission Merchants and Introducing ...

A financial Institution is defined in 18 U.S. Code § 20 as an entity, national or international, that deals primarily in business related to financial or/and monetary transactions, namely loans, deposits, investments, currency exchange, or any other transaction of similar nature.

Key Takeaways. A financial institution (FI) is a company engaged in the business of dealing with financial and monetary transactions such as deposits, loans, investments, and currency exchange.

As defined in the BSA 31 USC 5312(a)(2), the term “financial institution” includes the following: An insured bank (as defined in section 3(h) of the FDI Act ( 12 USC 1813(h))). A commercial bank or trust company. A private banker. An agency or branch of a foreign bank in the United States.

Non-US Person. The term 'Non-United States person' means all clients that do not fall under the formal definition of ''United States person'' under FATCA. Financial Institution. A “financial institution” means a Custodial Institution, a Depository Institution, an Investment Entity, or a Specified Insurance Company.

The major categories of financial institutions are central banks, retail and commercial banks, credit unions, savings and loan associations, investment banks and companies, brokerage firms, insurance companies, and mortgage companies.

A financial company / financial institution is one whose core business involved in borrowing, lending and at times subject to certain considerations even raising money for a non-financial company. A non-financial company is a business engaged in anything other than what a financial company does.

Banks are financial institutions that are licensed to provide loan products and receive deposits; non-banking institutions cannot do this. Financial services include insurance, the facilitation of payments, wealth management, and retirement planning.

Banks, Thrifts, and Credit Unions - What's the Difference? There are three major types of depository institutions in the United States. They are commercial banks, thrifts (which include savings and loan associations and savings banks) and credit unions.

The term U.S. financialinstitution means any U.S. entity that is engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as ...

Is a car dealership a financial institution according to FinCEN? ›

Under the Act, the term "financial institution" is defined to include a "business engaged in vehicle sales, including automobile, airplane, and boat sales."

The RFPA defines 'financial institution' as any office of a card issuer defined in section 103 of the Consumer Credit Protection Act, which in turn defines the term 'card issuer' as essentially any entity that issues a credit card.

This statute establishes FinCEN as a bureau within the Treasury Department and describes FinCEN's duties and powers to include: Maintaining a government-wide data access service with a range of financial transactions information.

Banks are financial institutions that are licensed to provide loan products and receive deposits; non-banking institutions cannot do this. Financial services include insurance, the facilitation of payments, wealth management, and retirement planning.

Also visible on the front of your check is your bank's name and logo. This indicates the financial institution that issued your checks and where the money in question will be withdrawn from.