A Year On, Industry Waits for FinCEN to Juggle BSA Regulation Numbers

By Brian Monroe

A year after vowing to reformat Bank Secrecy Act regulations in an attempt to make them easier to follow, the U.S. Treasury Department's Financial Crimes Enforcement Network has not produced a template nor given financial institutions a timetable on when the changes could occur. The new initiative, part of a larger "efficiency and effectiveness" program announced in June 2007 by newly-crowned FinCEN director James Freis, is aimed at aiding banks, money services business, insurance companies and other industries subject to the BSA in finding the regulations for their respective sectors. The new chapter of the Code of Federal Regulations will...