The U.S. Treasury Department is nearing completion of a plan to use predictive analytics software to analyze regulatory data and identify possible financial crimes, an official said Tuesday.
Upgrades to the U.S. Treasury Department's Bank Secrecy Act database will allow the nation's financial intelligence unit to better identify criminal activity indicated in regulatory reports, a governmental auditor said.
A $120 million upgrade to the U.S. Treasury Department's database of Bank Secrecy Act reports is roughly 50 percent complete, after the bureau overseeing the project finished work on its new search engine.
Poor project management and the inability of managers to take either criticism or corrective action were among the factors that doomed the U.S. Treasury Department's $17.4 million Bank Secrecy Act data initiative, according to a federal watchdog agency.
After spending two years and more than $14 million developing the information retrieval system expected to be the crown jewel of the FinCEN's much-hyped BSA Direct program, the agency on announced that the project would be cancelled.
In one of his first public acts since taking over as director of the Financial Crimes Enforcement Network (FinCEN), Robert W. Werner ordered FinCEN personnel and outside contractors to temporarily stop working on the agencys highly-touted BSA Direct sys
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